Ghana decides to do without IMF loans

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Ghana’s president, Nana Akufo-Addo, has decided to do without International Monetary Fund (IMF) credits and to finance its budget through its own revenue, reports the media.

“I am pleased to announce that the program supported by the extended credit facility that began in 2015 and which is supported by the IMF, will end this year,” he told parliament on February 8.

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“The relatively good macroeconomic performance in 2017 will strongly support the success of this program. We are determined to put in place measures to ensure irreversibility and maintain macroeconomic stability, so that we have no reason to ask again the assistance of this powerful world organization, “he added, urging Africa to abandon the addiction mentality.

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“We must abandon our dependency mentality that relies on aid and charity, dissociate Africa from the image of beggar associated with it,” he said.

According to the World Bank, Ghana’s GDP growth will be the highest on the African continent, ahead of Ethiopia’s at almost 8.5%. The government intends to make good use of it to fill the gap, which it aims to reduce to 3% in 2019.

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