On Thursday, the International Monetary Fund (IMF) and the Government of Ghana held a joint press conference to provide additional information regarding the approved $3 billion, three-year extended credit facility for the West African nation.
The conference was opened by IMF Mission Chief to Ghana Stéphane Roudet, who emphasized the three strong pillars of the program.
The main support point he expressed centers around reestablishing Ghana’s economy, while the subsequent point of support means to lay out economical development. The third support point he said is focused on establishing a strong starting point for a vigorous economy.
Roudet likewise featured the program’s objectives, which he said incorporate upgrading Ghana’s strength to shocks, working on unfamiliar trade (FX) security, controlling expansion, preparing more homegrown income, and decreasing public spending.
Roudet added, “We are hopeful for a brighter future for all Ghanaians.”
The IMF was thanked by Finance Minister Ken Ofori-Atta for providing the bailout in record time.
He additionally stretched out appreciation to the Paris Club, G7, India, China, and every one of the country’s leasers for their help with getting the bailout bundle.
Ofori-Atta acknowledged that “we are indeed grateful to Ghanaians for their participation in the domestic debt exchange program, which was painful but necessary.”
Ernest Addison, the Governor of the Bank of Ghana, urged Ghanaians to view the bailout funds as an opportunity to initiate fiscal reforms.
He emphasized that the real work that was to come began with the bailout program.
The question and answer session gave significant experiences into the goals and needs of the $3 billion expanded credit office the IMF endorsed for Ghana yesterday, Wednesday.
In addition, the facility aims to bring Ghana’s ailing economy back to life and guarantee long-term stability.
