ACCRA, May 1 (Xinhua) -- Ghanaian President Nana Addo Dankwa Akufo-Addo said on Monday that the country has made significant progress in its negotiations with the International Monetary Fund (IMF) for a 3-billion-U.S.-dollar loan.
Addressing thousands of workers at this year's Labor Day celebration in Bolgatanga, the capital of the Upper East Region, the president observed that the country has had fruitful engagements regarding its domestic debt exchange program as well as with bilateral creditors to secure financing assurances.
"After achieving a staff-level agreement with the IMF, we have continued to work tirelessly to complete all prior actions required to present Ghana's program to the IMF Executive Board for approval," said the president.
"The IMF and the World Bank have been very supportive in this journey. With the progress made so far, we expect the IMF Board to consider Ghana's program for imminent approval after the financing assurances are provided," he added, noting that the approval of the IMF program will contribute significantly to the revival of confidence required to drive the successful implementation of Ghana's post-COVID-19 program for economic growth.
"Ghana will emerge stronger from this difficult period. I assure you that, through hard work, prudence, and creativity, we will turn things around. We will work to help return our economy to the days of high growth rates and make our country, again, the best place to do business and the most attractive destination for investment in West Africa," he added.
Ghana has been grappling with economic hardship since 2021, prompting the government to seek a bailout from the IMF to turn around the economy last year. ■
