Difficulties in economy will be over soon – Akufo-Addo

He said though the economy has in recent times been fraught with several challenges, he is optimistic the challenges will soon come to an end.

Speaking at the Ghana Bar conference in Accra on Monday, September 12, 2022, President Nana Addo Dankwa Akufo-Addo said, “in recent times, we have been witnessing significant difficulties in the management of the national economy, largely as a result of the impact of the COVID-19 pandemic on the global economy, which has been exacerbated by the effects of the Russian invasion of Ukraine.”

“The basic commitment to resolving these challenges, within the framework of due process and democratic institutions, must remain unshaken. And, I am confident that, God-willing, we will overcome these challenges,” he stated.

On July 1, 2022, government decided to engage the International Monetary Fund for a financial bailout amidst the economic challenges.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme

The IMF programme, government said is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

Meanwhile, Ghana is targeting an amount of $3 billion over three years from the IMF once an agreement on a programme is reached.

The new amount requested as a loan is double the government’s initial target of $1.5 billion.