Finance minister capable of getting IMF deal done – Akufo-Addo tells IMF boss

On March 19, 2024, 4:28 AM

President Nana Addo Dankwa Akufo-Addo says the new leadership at the finance ministry can deliver on the mandate regarding the International Monetary Fund (IMF) bailout programme.

The president expressed confidence that the new leadership will be able to take the country out of its current economic challenges.

According to President Akufo-Addo, the appointment of Dr. Amin Adam as Finance Minister and Abena Osei Asare as Minister of State at the Finance Ministry will yield positive results.

Speaking at a meeting with the International Monetary Fund’s visiting managing director, Kristalina Georgieva, at the Jubilee House, President Akufo-Addo said the changes at the Finance Ministry were necessary.

“We will make sure that we stay strongly committed to the programme. Since last year, we have made some important changes to our government and even the Finance Minister was replaced. Our new Finance Minister is here, and he is a very ambitious and intelligent young man. And these are the people who are working with your officials to get the deal done for us.

“We have every expectation that we will continue the path on which we are and that is the most important aspect of your visit and the message that you have and we believe that the path that we are chattering on is the right one.”

In 2023, Ghana secured a $3 billion IMF extended credit facility (ECF) after President Akufo-Addo, on July 1, 2022, authorised the Minister of Finance then, Ken Ofori-Atta, to commence formal negotiations with the IMF to secure a balance of payment support.

This was part of broader efforts to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and the geopolitical armed conflict between Russia and Ukraine.

Ghana’s three-year IMF programme is in its first year of implementation, with the nation receiving a total of $1.2 billion from the IMF in two payment tranches of $600 million each so far.