IMF Chief Praises Akufo-Addo for Economic Reforms, COVID-19 Management

Jan 14, 2025 - 23:15

Jan 14, 2025 - 23:16

IMF Chief Praises Akufo-Addo for Economic Reforms, COVID-19 Management

Accra, Ghana - 14 Jan, 2025 - The Managing Director for the International Monetary Fund (IMF), Kristalina Georgieva has commended Ghana's former President Nana Addo Dankwa Akufo-Addo for his administration's economic reforms and effective handling of the COVID-19 pandemic.

In a letter marking the end of Akufo-Addo's tenure, Georgieva praised the proactive measures taken by his government, which she said were crucial in mitigating the pandemic's impact and ensuring macroeconomic stability. She also expressed gratitude for the government's collaborative efforts with the IMF, highlighting their positive contributions to Ghana's economic resilience.

Ghana has made significant progress in restoring macroeconomic stability, thanks to the IMF-supported program. The country has shown resilience in growth, inflation has declined, and the fiscal and external positions have improved. Ghana has also made progress on debt restructuring, with the domestic debt exchange completed and an agreement reached with official bilateral creditors.

Georgieva noted that Akufo-Addo's advocacy for the sub-Saharan Africa region during the pandemic helped mobilize resources to respond to the crisis. The IMF Managing Director also acknowledged the progress made towards restoring macroeconomic stability, citing the successful partnership between Ghana and the IMF.

“The policies and reforms during your administration have laid the groundwork for Ghana’s future. Additionally, your advocacy for the sub-Saharan Africa region during the COVID-19 pandemic helped mobilise the needed resources to respond to the crisis”.

“The recent competition of the third review of the IMF-supported program and the progress made toward restoring macroeconomic stability over the past few years are a testament to a successful partnership. These achievements reflect your dedication to important reforms, offering a positive outlook for the future”, portions of the letter read.

Find the letter from the IMF Boss below.