We’re on course to get $3BN bailout by end of month – Pres. Akufo-Addo
President Akufo-Addo says Ghana is on course to get the IMF Executive Board approval for the $3BN extended credit facility by the end of March 2023.
Presenting the 2023 State of the Nations Address (SONA), President Akufo-Addo reiterated the aim for seeking a bailout which among other things hope to restore Ghana’s macroeconomic stability.
“Mr. Speaker, having reached the Staff Level Agreement on 12th December, 2022, after five (5) months of intense negotiations, and completion of most of the prior actions required under the Agreement, we are on course for the IMF Staff to present to the IMF Executive Board Ghana’s Programme request for a three billion dollar (US$3 billion) Extended Credit Facility by the end of the month,” President Akufo-Addo stated.
The President further indicated that the IMF program which is anchored on Government’s Post COVID-19 Programme for Economic Growth (PC-PEG), “is a strong reform programme, which relies on frontloaded fiscal measures to increase domestic resource mobilisation and streamline public expenditures to support inclusive growth and enhance social protection.”
The State of the Nations Address is a constitutional mandate for the President to update the country yearly on the sectors of the economy and the plans of government in the fiscal year.