Minister for Information, Kojo Oppong Nkrumah has indicated that securing a bailout with the International Monetary Fund (IMF) is not the only panacea to dealing with the current economic challenges.
According to the Minister, the government has a comprehensive program to revive the country’s economy and recover from the shocks suffered by the economy.
As part of the recovery program, Kojo Oppong Nkrumah explained that the IMF deal will only provide the needed balance of payment support to make the program effective. He added that he is confident that the accompanying programs aimed at supporting the private sector will also help to accelerate the recovery process.
The Minister made these remarks when he addressed the media at the Ministry of Information on Wednesday.
“The Government of Ghana has had an enhanced program which has been designed to help us recover from major shocks we are suffering. And to make that program effectual, we will need some balance of payments support from the IMF. And that is what we have been working on, and all indications suggest to us that we should be bringing that to a closure pretty soon. But that is not all the panacea to our economic challenges, we have other programs to help us to bring back growth, help private sector kicking and get cost of living under control,” Kojo Oppong Nkrumah said.
The government has since July last year engaged the fund for a $3 billion bailout to help restore the economy. In addition to this, the government has rolled out policies and programs aimed at restoring macroeconomic stability and debt sustainability.
Industry players have been relentless in their opinions of the government’s role in bringing relief to Ghanaians. Providing an update on the engagement with the IMF thus far, Minister of Information, Kojo Oppong Nkrumah, said the government is confident of addressing current challenges.