Story: Hamza Mohammed
President Nana Addo Dankwa Akufo-Addo says government has made tremendous progress on the Domestic Debt Exchange Programme (DDEP).
He added that there was also good news regarding engagements with bilateral creditors to secure financing insurance required for the success of its International Monetary Fund (IMF) bailout request.
According to him, given the progress made so far, it is expected that the IMF would consider Ghana’s programme for imminent approval.
He stated that the government has worked tirelessly to present the country’s programme to the IMF executive board for approval.
“We’ve also made substantial progress on the debt exchange programme and as well as on our engagements with bilateral creditors to secure financing insurance required for the IMF programme,”
Delivering his speech at the annual May Day celebration, President Akufo-Addo stated that the government is assured that the next round of meetings concerning its external debt restructuring with the Paris Club will result in the formation of an official creditor committee. This, he said will provide financing assurance.
He added that the IMF has been supportive throughout the process.
The president also expressed gratitude to organised labour for its role thus far as the government seeks to revive the economy.
Furthermore, he expressed confidence that a successful IMF programme will revive the economy.
His comments come after some experts have expressed doubt that the IMF programme is the answer to the country’s economic crisis.
The government is pursuing a $3 billion IMF programme but, experts believe that can only do little given the gravity of the economic woes.
According to an Economist, Dr Michael Ayamga, while the programme may be crucial for the country, the economic problems have been misdiagnosed.
Meanwhile, President Akufo-Addo has also hinted at steps being taken to mitigate the impact of the Domestic Debt Exchange Programme (DDEP) on the domestic financial sector. According to him, the economic recovery measure has been quite successful.
The president cautioned that there are people who would seek to capitalise on the current economic hardship for selfish gains and also jeopardize the “hard-won reputation of our country as the beacon of democracy and stability in Africa.”