The terms of the three-year US$3 billion Extended Credit Facility (ECF) agreed upon with the International Monetary Fund (IMF) will not be affected, as President Nana Addo Dankwa Akufo-Addo has guaranteed. The Ministry of Finance recently underwent a leadership transition.
Ghana’s economic reforms and policies are intended to be supported by the ECF. President Akufo-Addo named Mohammed Amin Adam as the Finance Minister on February 14, removing Ken Ofori-Atta from his position.
In spite of this development, President Akufo-Addo emphasized during his State of the Nation Address (SONA) in Accra’s parliament on Tuesday that the government is still dedicated to carrying out the conditions set forth by the IMF.
“Mr. Speaker, it is crucial to emphasize that the Government’s commitment to implementing the terms agreed upon with the IMF to ensure that we restore the economy to healthy growth as soon as possible will not be affected by the recent change in the leadership of the Finance Ministry.”
