President Akufo-Addo with IMF Boss<\/strong><\/p>\n\u00a0<\/p>\n
President Akufo-Addo has indicated that the government was forced to take \u201ca lot of unpleasant, but unavoidable measures\u201d to bring stability and confidence back to the economy when the nation was faced with a very difficult situation.<\/p>\n
According to him, the measures included tax measures that the government did not like, \u201cbut we knew we had to take in the knowledge that the medicine would be bitter, but temporary.\u201d<\/p>\n
Presenting the State of the Nation Address (SONA) in Parliament, the President said the nation was in the midst of negotiations with the International Monetary Fund (IMF).<\/p>\n
\u201cWe were faced with a very difficult situation, and had to take a lot of unpleasant, but unavoidable measures, to bring stability and confidence back to the economy,\u201d he stressed.<\/p>\n
He admitted that the decision was not an easy one, considering the complex and diverse domestic debt landscape.<\/p>\n
\u201cWe had to consider safeguarding the financial sector, preserving social and economic conditions, and protecting our domestic debt market,\u201d he intimated.<\/p>\n
He added, \u201cA year on, I am happy to inform you, Mr. Speaker, that we have made significant progress.\u201d<\/p>\n
\u201cWe requested an unprecedented number of bondholders to participate in a voluntary exchange, and we were able to exchange successfully some GH\u00a2203 billion worth of bonds,\u201d he noted.<\/p>\n
According to him, not only was the exchange successful, but it helped the country to secure, within five (5) months, the shortest possible time in recent debt restructuring history, a Staff Level Agreement to an Executive Board Agreement with the IMF.<\/p>\n
\u201cMy gratitude goes to all financial sector players, organised labour, firms, regulatory institutions, and all individuals who made this painful exercise successful.<\/p>\n
\u201cMr. Speaker, as you may recall, the Government successfully paid the first coupon of GH\u00a22,369.67 million on the new bonds on August 22, 2023,\u201d he said.<\/p>\n
President Akufo-Addo stated that at the time, that was the single biggest payout of domestic payments in a single day for Ghana.<\/p>\n
\u201cWe then paid GH\u00a22,060.72 million for the last leg of the domestic debt exchange on September 5, 2023. A week ago, last Tuesday, on February 20, 2024, the second coupon of GH\u00a25,847.72 million was paid to domestic bondholders.<\/p>\n
On the external debt side, he said the nation achieved a significant milestone by reaching an agreement with the public creditors, and expressed the government\u2019s appreciation to the Republic of France and the People\u2019s Republic of China, co-Chairs of the Official Creditors Committee, for their positive roles in this achievement.<\/p>\n
\u201cWe have also intensified our engagement with our external bondholders on the principles of transparency, fair treatment, consistency with the IMF debt sustainability analysis, and good faith,\u201d he noted.<\/p>\n
The President said the government was \u201cfocused and committed to accelerating the process.\u201d<\/p>\n
By Ernest Kofi Adu, Parliament House<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
President Akufo-Addo with IMF Boss \u00a0 President Akufo-Addo has indicated that the government was forced to take \u201ca lot of unpleasant, but unavoidable measures\u201d to bring stability and confidence back to the economy when the nation was faced with a very difficult situation. According to him, the measures included tax measures that the government did […]<\/p>\n","protected":false},"author":1,"featured_media":58897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-157262","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
'IMF Measures Bitter, But Temporary' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'IMF Measures Bitter, But Temporary' - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President Akufo-Addo with IMF Boss \u00a0 President Akufo-Addo has indicated that the government was forced to take \u201ca lot of unpleasant, but unavoidable measures\u201d to bring stability and confidence back to the economy when the nation was faced with a very difficult situation. According to him, the measures included tax measures that the government did […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-29T15:43:01+00:00\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"‘IMF Measures Bitter, But Temporary’\",\"datePublished\":\"2024-02-29T15:43:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/\"},\"wordCount\":464,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/\",\"name\":\"'IMF Measures Bitter, But Temporary' - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2024-02-29T15:43:01+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/02\\\/29\\\/imf-measures-bitter-but-temporary\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"‘IMF Measures Bitter, But Temporary’\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\"],\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/author\\\/ghanamma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"'IMF Measures Bitter, But Temporary' - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/","og_locale":"en_US","og_type":"article","og_title":"'IMF Measures Bitter, But Temporary' - Ghanamma.com","og_description":"President Akufo-Addo with IMF Boss \u00a0 President Akufo-Addo has indicated that the government was forced to take \u201ca lot of unpleasant, but unavoidable measures\u201d to bring stability and confidence back to the economy when the nation was faced with a very difficult situation. According to him, the measures included tax measures that the government did […]","og_url":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/","og_site_name":"Ghanamma.com","article_published_time":"2024-02-29T15:43:01+00:00","author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"headline":"‘IMF Measures Bitter, But Temporary’","datePublished":"2024-02-29T15:43:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/"},"wordCount":464,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#primaryimage"},"thumbnailUrl":"","articleSection":["Local News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/","url":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/","name":"'IMF Measures Bitter, But Temporary' - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#primaryimage"},"thumbnailUrl":"","datePublished":"2024-02-29T15:43:01+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2024\/02\/29\/imf-measures-bitter-but-temporary\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2024\/"},{"@type":"ListItem","position":2,"name":"‘IMF Measures Bitter, But Temporary’"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2024\/#website","url":"https:\/\/www.ghanamma.com\/2024\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2024"],"url":"https:\/\/www.ghanamma.com\/2024\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/157262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/comments?post=157262"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/157262\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media?parent=157262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/categories?post=157262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/tags?post=157262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}