Projects that were put on hold after attempts to obtain a bailout from the International Monetary Fund (IMF) will soon restart, according to President Nana Addo Dankwa Akufo-Addo.
President Akufo-Addo gave this assurance during his 29th State of the Nation Address, which focused on the measures taken to contain the spread of the coronavirus and updated the country on the implementation of the International Monetary Fund (IMF) programme.
The President said that while the IMF programme would not immediately put an end to Ghana's economic woes, he is hopeful that it will restore confidence in the country's economy.
Dear Ghanaians, Accessing the IMF facility does not mean the end of our current challenges. However, the fact that we were able to reach an agreement with them sends a good signal to our trade partners, creditors, and investors; a signal that will be supported by the discipline, effort, and determination with which we carry out the programme.
This should result in a return of trust and the opening up of channels that were closed to us in the last year and a half, as well as the resumption of infrastructure projects that have been put on hold.
The International Monetary Fund's (IMF) Executive Board approved Ghana's $3 billion loan on May 17, following months of negotiations to revive the country's moribund economy. The first $600 million tranche of the facility was disbursed to Ghana's account, with the remaining $2,400 million to be paid out over two years.
