According to Godfred Bokpin, a Professor at the University of Ghana Business School, President Nana Addo Dankwa Akufo-Addo's statement that the $3 billion facility authorized by the International Monetary Fund (IMF) will not solve Ghana's difficulties was a genuine acknowledgment by the President.
In his speech to the country on Sunday, May 28, President Akufo-Addo stated, "Access to the IMF facility will not spell the immediate end of the difficulties we are currently in."
"However, the fact that we were able to reach such an agreement sends a positive message to our creditors and investors."
"It should lead to a restoration of confidence and the reopening of avenues that have been closed to us for the past year and a half," he continued.
A similar comment was earlier made by his Finance Minister Ken Ofori-Atta who warnedthat the approval of Ghana’s request for bailout would not offer a magic solution to the current economic crisis.
“Ghana’s IMF Board approval is far from a magic solution,” Mr Ofori-Atta stressed.
“What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.