Ghana’s decision to ask the International Monetary Fund (IMF) for balance of payments support has paid off, according to President Nana Addo Dankwa Akufo-Addo.

He credits the IMF support package for the recent drop in inflation and the stability of the local currency.

President Akufo-Addo expressed satisfaction with the bailout’s results at a meeting at the Jubilee House with visiting IMF Managing Director Kristalina Georgieva.

He stressed that, in spite of difficult economic conditions, the choice to approach the IMF for assistance in July 2022 has paid off and has helped to significantly improve Ghana’s economy.

“The decision we made in July 2022 to come and seek your support for the difficult economic circumstances that we had as far as I am concerned is a decision that already has paid off. It has paid off in terms of a clear turnaround that we are seeing in our economy.

“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today is a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it.”