President Akufo-Addo has promised the nation he will ensure the best possible negotiation and outcome is reached with the International Monetary Fund, saying he will rebuild the economy to higher levels than ever before.
The President was addressing delegates at the ongoing Conference of the New Patriotic Party to elect National executives to steer affairs.
Akufo-Addo described the IMF program he inherited from the erstwhile Mahama administration as “derailed” and promised to do better.
“We came to office under an IMF program. A derailed IMF program. We inherited IMF from the Mahama administration. We worked hard and tried to build a strong economy.” The President said.
He added: “I assure you, we are going to do a good negotiation with IMF that will enable us to rebuild a better economy than before.” He assured.
The speech is Akufo-Addo’s first time acknowledging the IMF program in an official address since the announcement was made about a week ago.
Ghana’s annual inflation climbed to 29.8% last month, the first time Ghana’s inflation rate has touched 29% since January 2004.
Ghana Statistical Service’s latest consumer price index report says June’s inflation was accelerated by higher costs of transportation, household equipment and maintenance, and utilities like electricity, gas, and water.
The new inflation rate underscores worsening economic conditions in Ghana, especially this year. Between October and December last year, Ghana’s inflation rate averaged under 12%. In the second quarter of 2022, it was 27%, GSS’s data show.
