President Nana Akufo-Addo has defended his government's decision to borrow from the International Monetary Fund (IMF) during his State of the Nation Address in Parliament. He stated that his government has not been reckless in borrowing, despite questions about the country's debt situation and the misuse of COVID-19 funds.

"Mr. Speaker, let me state emphatically that we have not been reckless in borrowing and in spending. Aside from the misuse of COVID-19 funds, we have only spent on urgent needs such as building roads, bridges, and schools," Akufo-Addo explained.

The government announced on July 1, 2022, that it was seeking a $3 billion bailout from the IMF, which was subsequently agreed upon in December 2022. The Ministry of Finance is currently in negotiations with the IMF, with hopes of securing the support by March.

The President's defense of the government's borrowing intentions comes amid months of speculation and concerns about the country's increasing debt.