Ghana is working with the International Monetary Fund (IFMF), according to Information Minister Kojo Oppong Nkrumah, to return the economy to a prosperous path.
He urged Ghanaians to keep their faith and fight together.
He said on a Facebook post, “Though our challenges are not our fault, H.E Nana Addo Dankwa Akufo-Addo always takes leadership in finding solutions, no matter how difficult they may be.” I recall his many sleepless nights during covid, working tirelessly to bring relief to a population suffering from the effects of global crises.
“Once again, he is gradually restoring stability in the aftermath of crises thrust upon us.” Despite the difficult economic waters, we are sailing in, the Post-Crisis Economic Recovery Program (the enhanced domestic program) that we are developing with the Fund will restore Ghana to a prosperous path. Keep the faith, and let us fight together.
Though our challenges are not caused by us, H.E @NAkufoAddo always takes leadership in finding solutions no matter how difficult they may be. I remember his many sleepless nights during covid; working hard to bring relief to a population pained by the impact of the global crises. pic.twitter.com/jEDEQViaen
— Kojo Oppong Nkrumah (@konkrumah) September 6, 2022
Kristalina Georgina, Director of the International Monetary Fund (IMF), has attributed Ghana’s current weak economic conditions to shocks from the Covid pandemic and the Russian-Ukraine war.
Also read: Ghana’s economic challenges not due to bad policies
Ghana is attempting to raise $3 billion through the IMF’s Balance of Payments support program in order to address some of its immediate economic challenges.
In July 2022, the government-initiated talks with the Bretton Woods institution, reversing President Akufo-pledge Addo’s administration’s not to seek a financial program from the IMF.
Prior to the pandemic and the subsequent Russia-Ukraine war, Ghana’s economy was regarded as one of the world’s fastest-growing.
At the end of 2021, a gradual sign of recovery from the effects of the pandemic was hit by another unforeseen setback, as a result of Russia’s invasion of Ukraine – a war that has significantly ravaged economies around the world, with many global currencies experiencing unprecedented depreciation against the US Dollar.
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