The President of Ghana, Nana Akufo-Addo has admitted that going to seek bailout is one of the most difficult decision he has taken since coming to power in 2017.
According to the President, he had to take the decision to save the economy for complete collapse citing the rising cost of crude oil impacting the country’s finances.
He said, the rising cost of crude oil on the international market as one of the factors that compounded the country’s economic woes, and one of the reasons government ran to the IMF for support.
Despite being a tough choice to make, President Akufo-Addo said it was in the interest of the country and the economy to go to the Fund.
“You can imagine the difficulties that were there for the Bank of Ghana. So instead of now finding 64 dollars for each barrel of oil, the Bank of Ghana was now having to find 100 plus [dollars] and it stayed like that. In fact, it is only very recently that the price of crude oil has come down.
Remaining candid on the economy, the president minced no words in admitting the economy being in difficulties.
“I am just using this one very important fact to tell you what drove the government to this very difficult decision of going to the IMF. I don’t have any difficulty in admitting that it was a difficult decision for me to take but I felt that in the interest of the country, in the interest of our economy, we had to make that decision,” he said in an interview on Kumasi-based OTEC FM.
The President is embarking on a four-day tour of the Ashanti region to inspect on going project as well as commission completed ones.
source: theGhanaianvoice.com