Akufo-Addo directs Finance Minister to commence IMF engagements
Government makes U-turn on going to IMF
Former President John Dramani Mahama might just be patting himself on the back right now because it appears the Nana Addo Dankwa Akufo-Addo government may just have taken another advice of his on a national decision.
Barely 24 hours after he (Mahama) advised the Akufo-Addo led-administration that the current economic challenges can only be salvaged with help from the International Monetary Fund (IMF), government is heading to the IMF.
Speaking at a forum on the Economy in Accra on Thursday, June 30 2022, Mr. Mahama indicated that the IMF and its technocrats will come with solid policies such as fiscal discipline among others to improve the nation's macro-economic front.
“In the last few days, there has been talk from some regime actors about a potential or impending IMF programme. Due to the nature and depth of our economic problems, this government virtually has no other sustainable option.
“IMF programs come with fiscal consolidation and insistence on fiscal discipline which can lead to some recovery and improvements on the macro-economic front,” the NDC 2020 Presidential Candidate disclosed.
He continued: “This government has however so mismanaged our economy and left it in such a terrible state that fiscal consolidation alone will not do the trick.”
“Any IMF programme should be preceded or done jointly with discussions with our creditors to achieve debt restructuring.”
In less than 24 hours after these statements were made by Mahama, President Akufo-Addo has authorized the Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund.
According to a statement issued by the Ministry of Information, on July 1, 2022, the decision is to invite Fund to support an economic programme put together by the government of Ghana.
“The engagement with the IMF will seek to provide balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia Ukraine crises,” the statement indicated
Below is a press release from the Ministry of Information
Former President John Dramani Mahama
