President Akufo-Addo says government has made tremendous progress on the Domestic Debt Exchange Programme (DDEP).
He added that there is also good news regarding engagements with bilateral creditors to secure financing insurance required for the success of its International Monetary Fund (IMF) bailout request.
According to him, given the progress made so far, it is expected that the IMF would consider Ghana's programme for imminent approval.
He stated that the government has worked tirelessly to present the country's programme to the IMF executive board for approval.
"We've also made substantial progress on the debt exchange programme and as well as on our engagements with bilateral creditors to secure financing insurance required for the IMF programme,"
Delivering his speech at the annual May Day celebration, President Akufo-Addo stated that the government is assured that the next round of meetings concerning its external debt restructuring with the Paris Club will result in the formation of an official creditor committee. This, he said will provide financing assurance.
He added that the IMF has been supportive throughout the process.
The president has also expressed gratitude to organised labour for its role thus far as the government seeks to revive the economy.
Furthermore, he has expressed confidence that a successful IMF programme will revive the economy.
His comments come after some experts have expressed doubt that the IMF programme is the answer to the country's economic crisis.
The government is pursuing a $3 billion IMF programme but, experts believe that can only do little given the gravity of the economic woes.
According to an Economist, Dr Michael Ayamga, while the programme may be crucial for the country, the economic problems have been misdiagnosed.
Meanwhile, President Akufo-Addo has also hinted at steps being taken to mitigate the impact of the Domestic Debt Exchange Programme (DDEP) on the domestic financial sector. According to him, the economic recovery measure has been quite successful.
The president cautioned that there are people who would seek to capitalise on the current economic hardship for selfish gains and also jeopardize the "hard-won reputation of our country as the beacon of democracy and stability in Africa."
Latest Stories
-
Finance Minister to unveil Mahama’s 2025 Budget today
3 minutes -
Philippines’ ex-President Rodrigo Duterte arrested at ICC’s request over ‘drugs war’, government says
25 minutes -
Cowbell-GES Independence Day Debate: Gomoa Senior High Technical outshines Serwaa Kesse Girls’ SHS to win contest
41 minutes -
Geisha champions women’s empowerment and progress at 7th National Women’s Summit & Expo
52 minutes -
Musk’s Tesla facilities in US face ‘Takedown’ protests
1 hour -
Charity M. E. Adupong’s vision of promoting food security and empowering women in agricbusiness
1 hour -
Stocks fall in US and Asia over Trump tariffs concerns
1 hour -
Liverpool need best display of season to beat PSG – Slot
2 hours -
King and Kate return to annual Commonwealth service
2 hours -
US unveils new app for ‘self-deportations’
2 hours -
More than 80% of USAID programmes ‘officially ending’
2 hours -
Ayra Starr, Mofe-Damijo to join Idris Elba as cast of ‘Children of Blood and Bone’
2 hours -
Businessman, farmer granted bail for allegedly defrauding estate developer
3 hours -
Nigeria’s anti-graft agency recovers nearly $500m in one year
3 hours -
NDC Sowutuom branch organiser granted GH¢100,000 bail pending appeal
3 hours