A senior Presidential advisor, Yaw Osafo Maafo, says the current economic challenges are not due to local factors but external factors hence fixing it will take some time.
Speaking during a durbar at Ofoase Ayirebi in the Eastern Region, he said despite the difficult conditions, the government has put strategies in place to get things back on track.
Maafo said: “We all know the economy is not in good shape…The economic challenge is not from Ghana. If something is not from you, you have to take your time to strategically resolve it.”
He added: “It won’t keep long and we will work on the economic challenge.”
Ghanaians have increasingly become dissatisfied with the government over the rising cost of living and runaway cedi depreciation and inflation.
The government’s trump card to solve the challenges involves seeking an IMF bailout to the tune of $3bn.
Recently, Finance Minister Ken Ofori-Atta and the Bank of Ghana Governor and their respective teams were in the United States to hold talks with the Fund.
Following the talks, the IMF committed to helping Ghana and said negotiations are proceeding smoothly.
In a statement dated October 20th, the Fund said they held ‘fruitful discussions’ with Ghana towards a program and that they are committed to “reaching an agreement” with Ghana as soon as possible.
“The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.” Stéphane Roudet, IMF Mission Chief for Ghana said in the statement.
“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth . The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously .” he added.