President Nana Akufo-Addo has once again justified his decision to run to the International Monetary Fund (IMF) for a bailout saying it was a painful but necessary decision.

In a speech to the nation on Sunday, President Akufo-Addo said that the decision was made after careful consideration of all options.

He said that the IMF deal was necessary to help Ghana’s economy recover from the impact of the COVID-19 pandemic and the war in Ukraine.

“It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government,” Akufo-Addo said.

The IMF deal is expected to provide Ghana with $3 billion in financial assistance within 36 months.

The deal will also require Ghana to implement a number of economic reforms, such as reducing government spending and other fiscal measures.

Akufo-Addo said that the government is committed to implementing the reforms required by the IMF deal.

IMF deal won’t bring immediate end to Ghana’s economic woes
Despite the hope in the IMF agreement, President Akufo-Addo said the programme will not spell the immediate end of the difficulties that Ghana is facing

“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently. But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors,” Akufo-Addo said during his address on May 28, 2023.