President Nana Akufo-Addo emphasized on Wednesday that his government was planning a “very disciplined approach” to implementing the International Monetary Fund's (IMF) loan programme.
The IMF's executive board recently granted approval for a $3 billion loan over three years for Ghana, with an immediate disbursement of about $600 million.
Speaking at Qatar's economic forum organized by Bloomberg, President Akufo-Addo reiterated Ghana's commitment to the “rationalization of expenditure” and highlighted that the IMF's programme would allow his government to tap international debt markets.
He also acknowledged the positive role played by China in supporting the IMF's assessment of Ghana's situation.
“I don't have any hesitations or any criticism about the Chinese involvement… I know it's a matter of controversy in the West …but for us, they have been strong friends,” Akufo-Addo said.
Responding to concerns about child labour in cocoa farms, a subject of criticism by Western countries, including the European Union, President Akufo-Addo expressed confidence in meeting the requirements of EU legislation.
“I have no doubt that we will meet the requirements of the EU legislation… We are confident that the allegation of child labour forms an important part of our cocoa, it's not an allegation that has any foundation in fact,” he said.
When asked about the possibility of bartering gold for oil, President Akufo-Addo confirmed its occurrence and highlighted its positive impact on Ghana's dollar outflows.
“That's very much on the table, and it's helping in terms of its impact on our dollar outflows,” he replied.
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