Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has expressed the Fund readiness to support the government in implementing reforms to address the current challenges.
She tweeted “Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.”
The $3 billion program, which was approved by the IMF Executive Board, aims to support Ghana’s economic reform program over the next three years. The program is designed to address the country’s fiscal and external imbalances, strengthen the financial sector, and promote inclusive growth.
Ghana has been facing a number of economic challenges in recent years, including high public debt, a large fiscal deficit, and a widening current account deficit.
The COVID-19 pandemic has also had a significant impact on the country’s economy, with a sharp contraction in growth and a decline in revenues.
In response to these challenges, the government has implemented a number of economic reforms aimed at stabilizing the economy and promoting growth. These reforms include measures to improve revenue mobilization, reduce wasteful spending, and strengthen the financial sector.
The IMF program is expected to provide critical support to Ghana’s reform efforts, helping to ensure that the country can overcome its economic challenges and achieve its development goals.
The Managing Director of the IMF also expressed her appreciation for the strong partnership between Ghana and the Fund, and reiterated the IMF’s commitment to supporting the country in the years ahead.
“We look forward to continuing our strong partnership with Ghana in the years ahead, and to supporting the country as it works to build a stronger, more inclusive economy for all Ghanaians,” Georgieva said.
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By Vincent Kubi