We Support Ghana’s IMF Bailout – Diplomatic Corps

The Diplomatic Corps in Ghana has pledged its support for Ghana’s bailout negotiation with the International Monetary fund (IMF).

According to them, they appreciate the current economic challenges the nation is experiencing and expressed the confidence that President John Mahama will lead the nation out of the current economic situation with help from the IMF. Speaking at a meeting with the President at Peduase Lodge, the Dean of the Diplomatic Corps, Pavelyn Tendai Musaka said: “We do not underestimate your government’s capability to tackle this challenge head on and for this reason; we support the ongoing negotiations with the IMF and other related efforts to stabilize the economy.” 

Government is now looking to begin a bailout programme with the IMF by the end of March 2015 and it is hoping to secure about $1 billion from the Bretton-woods institution under a three-year programme.

Musaka in her address commended government’s initiative to promote the patronage of made in Ghana products, which according to her, is in sync with similar strategies being put in place to stabilize the cedi and grow the local industry.

She was optimistic that many African countries will “seriously consider taking a cue from such a sound policy initiative.”

The Diplomatic Corps also congratulated President Mahama for assuming the chairmanship of ECOWAS.In response, President Mahama thanked the Diplomatic Corps for reposing such confidence in him and gave the assurance that Ghana will continue to support other West African countries in distress regardless of its economic situation.

He said: “Ghana values and recognizes its shared values with the people of the West African region and the African continent as a whole. Despite the challenges we have faced in our own country, we are not withstanding, not recoiled and abandoned our neighbours and friends in their own period of distress.”

President Mahama pointed out that although he has worked extremely hard as ECOWAS chairman, “he would have demonstrated the same level of commitment even if we [Ghana] were not to occupy that position.”