President Nana Akufo-Addo has said going to the International Monetary Fund to seek a bailout was a painful decision for him to take.

He explained that it was painful because going to the IMF was not part of the economic transformation agenda he had been pursuing prior to the covid-19 pandemic, especially as his government had gone the extra mile to bring to a successful end the IMF programme he inherited from the previous John Mahama-led government.

“But who would have imagined that President Akufo-Addo would order the closure of airports, offices, factories or schools. We were in extraordinary times and we took extraordinary measures, and when faced with the realities of the economic crisis last year, I accepted the challenge that the economy required a similar attitude, including the sacrifices many of us have made in recent times,” the president stated.

Luckily, he noted that, the IMF has been most supportive, with Ghana having its programme approved on 17th May.

The first tranche of $600 million out of $3 billion bailout has been credited to the country’s national account.

Nana Akufo-Addo said these as part of his last covid-19 address to the nation on Sunday, 28 May 2023.

He further explained to Ghanaians that the access to the IMF facility will not spell the immediate end of the current economic difficulties, but “the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors; a positive message that will be underpinned by the discipline, hard work and enterprise with which we execute the programme.”

As part of the merits of the IMF programme, he indicated that it should lead to the restoration of confidence and the reopening of avenues that had been closed to the country this past year and a half.

He said it should also lead to the resumption of many of the infrastructural projects that have stalled.

Nana Akufo-Addo noted that just as in unison Ghanaians were resolute, focused and worked very hard, to get out of a pandemic in which there were no precedents on which to rely, with a similar frame of mind and attitude, “we shall overcome the economic difficulties as well, sooner rather than later.”

He expressed optimism that the nation is on the right path, and would soon start to see significant improvements in the economy and in the living standards of Ghanaians.