SONA 2024 Ofori Attas Removal Wont Affect IMF Terms Akufo Addo Assures

President Nana Addo Dankwa Akufo-Addo says Ghana's terms agreed with the International Monetary Fund (IMF) regarding the three-year US$3 billion Extended Credit Facility (ECF) is still intact despite his recent reshuffle.

He told Parliament in his State of the Nation Address (SONA) that Mr Ken Ofori-Atta's removal as Finance minister would not have any impact on the deal.

In a recent reshuffle by President Akufo-Addo, Finance Minister, Ken Ofori Atta was removed and replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry.

According to the President, the removal won't affect the government's commitment to implementing the terms agreed with the IMF.

Presenting his penultimate State of The Nation Address (SONA) in Parliament today, President Akufo-Addo said: "Mr Speaker, it is significant to underline that the recent alter in the leadership of the Finance Ministry will not affect Government’s commitment to implementing the terms agreed with the IMF to ensure that we restore the economy to healthy growth as soon as possible.

"Indeed, the macroeconomy was much stronger at the end of 2023 than in 2022. Inflation, which peaked at 54.1% in December 2022 has reduced to 23.5% in January 2024. Real GDP Growth for the first three quarters of 2023 averaged 2.8 percent, higher than the targeted growth rate of 1.5% for 2023. The cedi has been largely stable since February 2023, with a cumulative depreciation of nine percent (9%) between February and December 2023. Gross International Reserves reflected a significant build-up at five-point-nine billion dollars (US$5.9 billion), enough to cover 2.7 months of imports of goods and services. The current account turned positive at 1.4% of GDP at the end of September 2023, from negative two-point-one percent (-2.1%) at the end of December 2022. Generally, the macroeconomic indicators are, once again, pointing in the right direction" he added.King Edward Ambrose Washman Addo/