Suspended Projects Set to Resume as IMF Approves Funds– Nana Addo

Suspended Projects Set to Resume as IMF Approves Funds

President Nana Addo Dankwa Akufo-Addo has indicated that projects in Ghana that had previously been stopped owing to efforts to seek an IMF bailout will shortly kick off. The President assured Ghanaians that the suspended projects set to resume as IMF approves funds for Ghana.

The President provided this assurance during his 29th update to the nation regarding measures taken against the spread of the Coronavirus and an update on the IMF program.

While addressing the nation, the President cautioned that the IMF program would not bring an immediate end to Ghana’s economic challenges.

However, he expressed confidence that it would instill confidence in the Ghanaian economy and deliver positive outcomes. President Akufo-Addo emphasized that their government’s ability to negotiate such a big deal with the IMF sends a positive message to trading partners, creditors, and investors.

The president further highlighted that his government has successfully obtained the funds after several months of negotiation but said the effort will go a long way to be supported the economy.

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The President stated in his address to the Nation, “The IMF bailout will help our government restore confidence, boost economic growth, and the reopening of opportunities that had been closed to us this past year. It should also lead to the resumption of many of the infrastructural projects that have been suspended due to lack of funds.” The president’s statement underlined the potential positive impact of the IMF program on the Ghanaian economy, including the revival of infrastructure development initiatives.

On May 17, 2023, the Executive Board of the International Monetary Fund approved the anticipated $3 billion credit facility for Ghana. This financial assistance is aimed at reviving the ailing Ghanaian economy which follows months of negotiations by the IMF and the Ghanaian government.

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The finance minister early on this month made an announcement about the IMF first tranche deposit of $600 million into the country’s account as the remaining $2.4 billion of the funds to be distributed over a two-year period.

The approval of the IMF credit facility signifies a significant step forward for Ghana’s economic recovery. The IMF funds will provide much-needed support for the country to address the challenges currently faced by the country whiles offering a lifeline to various sectors.

Government efforts to resume suspended infrastructure projects will not only help stimulate economic growth but also create a lot of employment opportunities for Ghanaians as well as go a long way to improve their lives.

The President’s in an address to the nation reassured Ghanaians that his government will be working hard within the full capacity to address most of the economic difficulties the nation is currently facing and also to bring about positive change in all aspects of the economy.

He further added that the IMF program, along with the commitment of the government and the determination of the Ghanaian people will pave the way for a more developed and prosperous future.

As projects recommence and confidence is restored, Ghana can look forward to renewed economic stability and progress.

Source: CitiNews