IMF bailout won't end economic woes - Akufo Addo

President Akufo-Addo says the International Monetary Fund relief program will not lessen the economic woes the country is plunged into.

He believes the program will however help to restore confidence and reopen avenues that have been closed to the country in recent years.

Addressing the nation on Sunday, May 28, Akufo Addo acknowledged that the bailout will not immediately restore the ailing economy but its arrival is a positive step to put the country back on track.

“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners… “

Akufo-Addo said that the IMF deal will help to restore confidence in the Ghanaian economy, which has been battered by the COVID-19 pandemic and the war in Ukraine.

He said that the deal will also help to reopen avenues that have been closed to Ghana in recent years.

“It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half,” Akufo-Addo said adding that it will also “lead to the resumption of infrastructural projects that have stalled”.

The President implored the minds of Ghanaians to help support and accelerate the successful implementation of the necessary reforms to make the deal effective.