President Nana Addo Dankwa Akufo-Addo has stated that the three-year deal between Ghana and the IMF will end this year, 2018.
“I am also pleased to report that the 3-year IMF-supported Extended Credit Facility Programme, began in 2015, comes to an end this year".
According to him, "the relatively good macroeconomic performance in 2017 will strongly support our successful completion of the IMF programme. 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.”
He made this known during the presentation of his second state of the Nations Address, Thursday in accordance with Article 67 of the 1992 Constitution.
Economic Challenge
The President who had already indicated that his administration inherited a corrupt economy further stated that "I’m glad to be able to report that the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice-President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results".
“We have reduced taxes, we are bringing down inflation and interest rates, economic growth is increasing, from the alarming 3.6% at December 2016, to 7.9% in our first year, and the indications are that it will be even better this year. We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to GDP ratio and the rate of debt accumulation, we have paid almost half of arrears inherited, and, crucially, we are current on obligations to statutory funds...” the president said.
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