Ghana's president Nana Addo Dankwa Akufo-Addo has suggested that by the end of the year, the country may have secured a deal with the IMF.

However, this runs counter to suggestions that before the Finance Minister submits the 2023 budget to Parliament in November of this year, the government would negotiate a deal with the Fund.

President Akufo-Addo stated in a speech to the nation on the economy on October 30 that Ghana might secure the bailout agreement by the end of this year, barring any unforeseen circumstances.

“We are working towards securing a deal with the IMF by the end of the year,” he said on Sunday.

"This will give further credence to the measures government is taking to stabilize and grow the economy, as well as shore up our currency,” he noted.

He further explained that the funds will “repair the short term of public finances and restore our balance of payment whiles we continue to work on the medium to long term structural changes that are at the heart of our goal of constructing a resilient robust Ghanaian economy and building a Ghana Beyond Aid.”

He however assured Ghanaians of government's commitment to restoring the economy which has been experiencing a wave of unprecedented shocks and challenges that have impacted almost all economic indicators.

Ghana on July 1, 2022, resorted to the IMF for an economic support programme to restore macroeconomic stability, among others. The country is targeting $3 billion once an agreement can be reached.

Meanwhile, the woes of the Ghana cedi in the first 10 months of this year continued as the currency has seen its value decline by over 50 percent to the US dollar.

The situation, according to a recent Bloomberg tracking saw it ranked as the worst-performing currency in the world against the US dollar.

This has forced many businesses to collapse, culminating in worker agitations, and discontent over government policies, among others.