President Nana Addo Dankwa Akufo-Addo has explained that his government decided to seek collaboration with the International Monetary Fund (IMF) as a way to repair in the short run, Ghana's public finance, which has been severely hit by the effects of COVID-19 and the Russian invasion of Ukraine.
“I am confident that with determination, hard work, unity and the proverbial Ghanaian sense of enterprise. We will succeed, we will make it and indeed this too shall pass” he added.
It was President Akufo-Addo's first public comment since the government decided to engage the IMF.
He was speaking at a swearing in ceremony of 10 Ghanaian envoys at the Jubilee House Thursday evening (July 7, 2022).
He explained that all the countries of world were working to return themselves to a state of normalcy following the devastating impact of the pandemic whose effects have been exacerbated by the Russian invasion of Ukraine.
“Economies have been plunged into recession, businesses have collapsed, lives and livelihoods have been disrupted, food and fuel prices have escalated dramatically as global and domestic inflation mount,” he noted.
President Akufo-Addo was hopeful that the world will bounce back on the road of growth and prosperity.
“In our case, we have decided to see the collaboration with the International Monetary Fund to repair in the short run, our public finances, which have taken a severe hit in very recent times,” he added.
He said the lessons from these trend of events was that, all countries need to strengthen and deepen their ties, cooperation and bonds of friendship because no country could address the issues alone cautioning that, “we either succeed together or we perish together and that is where your work as ambassadors and high commissioners will be needed”.