Diaspora, Africa – (African Boulevard News) – The President of Ghana, Nana Akufo Addo, has stated that the International Monetary Fund’s (IMF) bailout program won’t entirely put a stop to Ghana’s economic challenges but will restore confidence in the country and reopen closed avenues.
The President made this comment on Thursday, while responding to questions from journalists at an economic forum in Accra, Ghana. The IMF recently approved a $1 billion bailout package to help Ghana as it deals with the economic fallout of the COVID-19 pandemic.
“Whilst the government appreciates the support of the IMF, I do not believe that the bailout program will put an end to the economic woes the country faces. However, it will help to restore confidence and reopen avenues that have been closed to the country in recent years,” Addo said.
The President’s statement reflects a growing concern among African leaders that IMF’s aid packages may be a temporary solution to the economic challenges of the continent. Many African countries, including Ghana, have been grappling with economic challenges long before the pandemic hit, including high debt levels, a lack of investment, and weak infrastructure.
In Ghana, the economy had witnessed a relatively good performance before the pandemic struck, with the non-oil sector expanding by 6.2% in 2019. However, the growth rate has now slowed down, and the country’s debt has also risen to about $39 billion.
Despite this, Addo believes that the country can weather the economic storm by investing in key sectors such as agriculture, manufacturing, and tourism. He also highlighted the government’s commitment to boosting economic growth by providing a conducive atmosphere for investment in the country.
“We recognize that our economy has been hit hard, but we remain optimistic that we will overcome our challenges and rebuild a stronger economy. We will continue to take measures to support growth and development in key sectors, and we welcome investment from all over the world,” he added.
In conclusion, while the IMF’s bailout package may provide some temporary relief to Ghana’s economic woes, President Addo’s comments point to the need for a more long-term solution to Africa’s economic challenges. By investing in key sectors, promoting investment, and creating an enabling environment for business, African countries can build a strong and sustainable economy that can weather any storm.
