IMF Bailout has turned the economy around a bit but Ghanaians are still suffering – Economist

An Economist and a Chartered banker Mr. Prince Obiri Yeboah has stated that the IMF bailout has turned the economy around as compared to the previous years of September 2022 and 2023.

Speaking on Plan B FM’s late afternoon show EBAANOSEN hosted by Ohene Kinnah, the economist explained that inflation went high to the extent that in September 2022, 25 liters of oil were selling at Ghs 680 and went to Ghs1500 in October of the same year which plunged Ghanaians into unbearable hardships within those years.

He stressed that Ghanaians are expecting some relief from the government, especially business owners are looking forward to some tax relief to the country’s business-friendly economy.

Meanwhile, President Nana Akufo-Addo has lauded Ghana’s decision to seek support from the International Monetary Fund (IMF).

Speaking at a meeting with the Managing Director of the IMF, Kristalina Georgieva, he said the decision has yielded positive results for the country.

The president said the bailout has significantly turned Ghana’s difficult economy around.

“The decision we made in July 2022 to come and seek your support for the difficult economic circumstances that we had, as far as I am concerned, is a decision that has already paid off. It has paid off in terms of the clear turnaround that we are seeing in our economy.

“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today are a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it,” President Akufo-Addo said.

This comes after the recent visit of the IMF boss to Ghana.

During her visit, she is scheduled to engage in bilateral talks with other key figures like Vice President, Dr. Mahamudu Bawumia; Finance Minister, Mohammed Amin Adam; and the Governor of the Bank of Ghana, Dr. Ernest Addison.

In January 2024, the Bank of Ghana acknowledged receipt of US$600 million as the second tranche for budget support and stabilization of the local currency, bringing the total to US$1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.

The IMF has stated that Ghana is performing well under the program, with reforms bearing fruit and signs of economic stabilization emerging.