President Nana Addo Dankwa Akufo-Addo has vowed to restore Ghana’s ailing economy in the next 22 months which is before his tenure ends.
According to him, there was rapid economic growth in the country before the COVID-19 and Russia-Ukraine war emerged hence the reason the country is facing the current economic challenges.
He however assured that, he is determined to change things within the limited time in office.
“The next 22 months of my mandate will be focused on restoring the economy we had before COVID-19 and the Russian invasion of Ukraine to the period of rapid growth. It is a solemn pledge I am making to you my fellow Ghanaians, and one which I am determined to fulfil”
President Akufo-Addo said this speaking at the 66th Independence Dap Parade at Adaklu-Tserefe near Ho on March 6, 2023.
Speaking on the theme for this year’s celebration, “Our Unity, Our purpose, Our Purpose” the president admitted that the nation had not fully realised the potential, dreams, and aspirations of its forebears, who fought for its independence.
Government working to attain IMF bailout
Government run to the International Monetary Fund (IMF) in 2022 at a time the economy was in a downward spiral.
The government only recently secured a Domestic Debt Exchange Programme (DDEP), which according to experts is a major conditionality of the lender in granting Board approval for a US$3 billion bailout.
The programme was meant to ensure the streamlining of Ghana’s unsustainable debt. The government announced an 85% participation rate.
Ghana is hoping to get the first tranche of the bailout by March this year in order to among others rein in inflation and arrest the galloping depreciation of the cedi.
Talks are currently underway with Ghana’s external creditors in a bid to restructure loans in order to get IMF Board approval in March 2023.