Managing Director of the International Monetary Fund (IMF), Christine Lagarde, says her outfit is very impressed with the way and manner in which government has handled the management of the country’s economy the last 24 months.
Addressing the President at the Jubilee House when she paid a courtesy call on him as part of her three-day working visit to Ghana, Christine Lagarde said all the economic indices point to the fact that Ghana is on the right path economically.
“We are really impressed with the work that has been done because you indeed arrived in a situation that was from a micro-economic point of view, fragile. All indications were in the red and through massive work, effort, sacrifices as well, those indicates are turning in the right direction,” the IMF boss said.
Madam Christine Lagarde indicated that the IMF stands ready to offer any support and help that Ghana may require in the future as the country continues to set high standards on the African continent.
“You can really count on us, on me, to tell you in the nitty gritty details where we see that there is a risk because it boils down to details. We will be the ruthless truth teller because that is the best service we can offer to our members,” the IMF boss said.
President Akufo Addo
President Akufo Addo, in his remarks to the IMF boss said he sees her visit to Ghana as a vote of confidence in what his government is doing to rescue the Ghanaian economy. He observed that his administration has tried everything possible to bring back on track the economy it inherited from the previous government which was in significant disequilibrium.
“You have the reassurance from us that the fundamental lesson that we have all learnt as a result of these several interventions by the Fund, which is the need for discipline in the management of our public finances, that lesson is one that is gone down deep,” the President said.
President Akufo Addo in his remarks stated that to a very large extent, Ghana would not like to return to any IMF programme and it is the reason why after the country exits from the programme, it will put in place adequate measures such as the fiscal responsibility law to ensure that the finances of the country does not slip again to the point were she would require the support of the Bretton Woods institution.
The IMF Programme
The IMF Executive Board in April 2015, under the John Mahama government, approved a $918 million loan to Ghana to support a reform program aimed at faster growth and job creation while protecting social spending. Upon assumption of office, the Akufo Addo administration, having inherited the programme, continued with it. The government has successfully completed same and will be exiting the programme at the end of December, 2018.