SONA 2024: Ofori-Atta’s Shift From Finance Ministry Will Not Affect IMF Deal – Akufo-Addo

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President Akufo-Addo has moved to allay concerns regarding the recent reshuffle at the Finance Ministry, assuring Ghanaians that the country's deal with the International Monetary Fund (IMF) remains unaffected.

Following the announcement of a ministerial reshuffle on February 14, which included changes at key institutions like the Finance Ministry, questions arose about the impact on Ghana's IMF agreement.

Related To This: SONA 2024: Ghana to Launch Performance Tracker for Government Projects

In his State of the Nation Address on February 27, President Akufo-Addo emphasized that the new Finance Minister will continue to guide Ghana's economic recovery without deviating from the terms agreed upon with the IMF.

The President acknowledged the challenges faced by various sectors of the economy during the recent economic turmoil, particularly the depreciation of the cedi. However, he highlighted significant improvements and stability across these sectors.


Key economic indicators showed positive trends, with inflation dropping from 54.1% in December 2022 to 23.5% in January 2024. Real GDP growth exceeded expectations, reaching an average of 2.8% for the first three quarters of 2023.

Furthermore, the President noted a stable performance of the cedi since February 2023, with a modest depreciation of nine percent over the year. Ghana's Gross International Reserves also saw a substantial increase to US$5.9 billion, covering 2.7 months of imports.

Related To This: Akufo-Addo to Deliver State of the Nation Address on February 27, 2024

President Akufo-Addo highlighted progress in reaching agreements with public creditors and reiterated the commitment to concluding external debt restructuring promptly to navigate past the crisis.

Moreover, priority projects, including infrastructure developments like the Kumasi International Airport and various interchanges and railway projects, are set to be completed within existing fiscal constraints. Funding has been secured for crucial initiatives like the La General Hospital Project.

In conclusion, President Akufo-Addo's reassurances underscored Ghana's continued dedication to economic recovery and sustainable growth amidst ongoing structural changes in key ministries.


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