The government’s spokesman for governance and security, Palgrave Boakye-Danquah, is optimistic that the assistance it is requesting from the International Monetary Fund will contribute to the return of macroeconomic stability and the revival of the faltering economy.
According to Palgrave Boakye-Danquah, the global economy is in a state of collapse in many countries.
“I’m confident that with willpower, tenacity, teamwork, and the proverbial Ghanaian spirit of enterprise, we’ll succeed, we’ll make it, and this too shall pass,”Palgrave Boakye-Danquah told Accra-based Original TV.
He stated that following the horrific impacts of the pandemic, which were made worse by Russia’s invasion of Ukraine, every country in the world was fighting to restore normalcy.
“Economies have entered a deep recession, businesses have failed, lives and livelihoods have been disrupted, and food and fuel prices have skyrocketed as both domestic and international inflation mounts.”
In our instance, he continued, “we have chosen to seek collaboration with the International Monetary Fund in order to repair in the short term, our public finances, which have suffered greatly in very recent times.”
The IMF’s Executive Board authorized a 36-month ECF agreement worth over $3 billion on Wednesday, or 304 percent of Ghana’s quota.
The programme is based on the government’s Post COVID-19 Programme for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability.
It consists of a broad range of measures to strengthen resilience and provide the groundwork for greater and more inclusive growth.
According to the Fund, the Executive Board’s decision will allow for an immediate transfer to Ghana of SDR 451.4 million (about US$600 million).