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President Nana Addo Dankwa Akufo-Addo has said the “good news” that the International Monitory Fund (IMF) board is set to approve Ghana’s programme positions the country for accelerated economic and move towards the path of development.

“The sacrifices that the country had to make since last year, the difficulties… it may be that at long last, we are going to see the recovery because, with the approval of the IMF, we are then in a strong position to do other arrangements that will help our economy get back into a strong place,” he added.

President Akufo-Addo stated this when the Catholic Bishops Conference paid a courtesy call on him at the Jubilee House in Accra Friday (May 12, 2023).

The IMF is set to approve Ghana's US$3billion programme by May 19, 2023, after the country received financial assurances from its external creditors.

President Akufo-Addo told the Bishops that “today is a special day in the recent history of Ghana. At long last, after our various issues with the IMF, today, we are informed that the last hurdle towards our agreement with the fund has been overcome”.

He explained that the Paris Club met today and formed the credit committee, co-chaired by China, and had okayed and approved Ghana’s request, adding that “and, in fact, put very strong word behind the approval. So it is fortuitous that you [Bishops] should be here on such a date”.

He described the announcement as “good news”, which meant that hopefully, next Wednesday, the board itself would meet and give a final agreement to Ghana’s demand.