Ghana’s president, ‘no reason to return to the IMF’

Accra-¬† Ghana’s President Nana Akufo-Addo on Thursday hailed the country’s economic recovery and said he saw “no reason” to seek further help from the International Monetary Fund.

Akufo-Addo told lawmakers, “We are determined to put in place measures to ensure irreversibility and sustain macroeconomic stability, so that we will have no reason to seek again the assistance of that powerful global body, for the first time in a long while, our macroeconomic fundamentals are solid, and all the critical indices are pointing in the right direction.”

The Ghanian economy has been on a upward trajectory after facing tough terms under former president John Mahama’s administration which was forced to turn to the IMF for help, amid a global commodities rout. The current president has been tough on mismanagement and corruption, as he pledged to stabilize the economy, and avoid another loan from the IMF.

Job creation is on top priority after the financial recovery and Ghanian¬†Gideon Amissah of Institute of Certified Economists of Ghana told AFP, “For the ordinary Ghanaian on the street we still need to keep the confidence level high.”

“If the government is unable to fulfill some of its promises given, then the confidence may not be sustainable,” he said.

The World Bank has estimated that the Ghanaian economy is expected to grow by 8,6% this year due to increased oil and gas production, making it one of the fastest growing economies in the world.

Photo Credit- Ghana Crusader

 

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