President Akufo-Addo has emphasised that the bailout secured from the International Monetary Fund (IMF) will not be an instant panacea for the country's challenges.

He believes it will, nonetheless, play a crucial role in restoring confidence and reopening opportunities that have been limited in recent years.

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During a national address on Sunday, the President acknowledged that the approval represents a positive step toward putting the country back on track.

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"Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors," President Akufo-Addo stated during his May 28 address.

Akufo-Addo further highlighted that the IMF agreement would aid in restoring confidence in the Ghanaian economy, which has been adversely affected by the COVID-19 pandemic and the conflict in Ukraine.

"It should lead to the restoration of confidence and the reopening of opportunities that have been closed to us this past year and a half," Akufo-Addo explained, emphasizing that it would also result in the resumption of stalled infrastructure projects.

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The President reiterated that the successful implementation of the necessary reforms to make the deal effective would require the support of the Ghanaian people.

"We must all collaborate to ensure the success of this program," Akufo-Addo urged. "Together, we must work towards building a brighter future for Ghana."