Nana Akufo-Addo the President of the West African nation of Ghana has publicly said the $3bn (£2.4bn) bailout from the International Monetary Fund (IMF) will not immediately address the country’s economic challenges.

In a televised address to the nation on Sunday, the Ghanaian president said the IMF bailout would restore confidence and put the country’s economy back on a sound footing, but way more is needed to fix the crisis.

The restoration of confidence is important for the country’s economy as the President believes it reopens “avenues that have been closed to us this past year and a half,” and see the “resumption of many of the infrastructural projects” that have been stopped for whatever reasons.

While seeking help from the IMF was painful, Mr. Akufo-Addo says it was a necessary decision to help the economy recover from the impact of the global pandemic and the ongoing invasion of Ukraine in Russia.

Ghana is hopeful it will be able to stand tall with the injection of assistance from the IMF.