In a joint press conference held on Thursday, the Government of Ghana and the International Monetary Fund (IMF) disclosed further information about the recently approved $3 billion three-year extended credit facility, which aims to support the West African nation's economic recovery efforts.
Addressing the media, Stéphane Roudet, IMF Mission Chief to Ghana, underscored the three key pillars of the program. The first pillar focuses on restoring Ghana's economy, while the second pillar aims to establish sustainable growth. The third pillar centers on laying a solid foundation for a robust economy, ensuring long-term stability.
Roudet also outlined the program's objectives, which include enhancing Ghana's resilience to economic shocks, improving foreign exchange stability, controlling inflation, mobilizing domestic revenue, and reducing public spending. He expressed optimism for a brighter future for all Ghanaians, highlighting the potential benefits the program can bring to the country's economic landscape.
Finance Minister Ken Ofori-Atta expressed his gratitude to the IMF for swiftly providing the bailout package, acknowledging the importance of the timely assistance. He also extended his appreciation to the Paris Club, G7 nations, India, China, and all the country's creditors for their support in securing the bailout funds. Ofori-Atta recognized the participation of Ghanaians in the domestic debt exchange program, acknowledging the sacrifices made by the public to ensure the country's economic stability.
Governor of the Bank of Ghana, Ernest Addison, urged the Ghanaian population to perceive the bailout funds as a catalyst for initiating vital fiscal reforms in the country. He emphasized that the approved program signifies the beginning of the substantial work that lies ahead and serves as an opportunity to propel Ghana's economic trajectory in a positive direction.
The press conference shed light on the objectives and priorities of the recently approved $3 billion extended credit facility by the IMF, which is poised to revitalize Ghana's ailing economy and establish a foundation for long-term stability.
