Ghanaians express expectations as govt - IMF talks begin

Officials from the International Monetary Fund (IMF) have arrived in Ghana to begin talks with the government on the bailout sought by the Akufo-Addo administration.

During their one-week stay in Ghana, the team, led by Carlo Sdralevich, mission leader for Ghana, is expected to meet with officials from the Finance Ministry, the Economic Management Team, and the Presidency.

On Friday, July 1, 2022, the Ministry of Information revealed President Akufo-Addo’s authorization for Ghana to begin negotiations with the IMF for a bailout.

According to Mr. Sdralevich, the IMF is ready to support Ghana in restoring macroeconomic stability, ensuring debt sustainability, promoting inclusive and sustainable growth, and addressing the effects of the Ukrainian conflict and the lingering epidemic.

With the crunch meetings already begun, some Ghanaians have been sharing their views on expectations of the bailout the country is seeking for.

One gentleman said “We can survive without IMF because over some years now, I think most governments have been to IMF about 16 times as I can remember. When they came they didn’t suffer”

Another warned that “Due to our current situation as a nation there’s nothing we can do but the negative impact is very huge”

“I think the IMF is a useful institution, it has an excellent history and it has been very supportive to many struggling economies including Ghana and we’ve been there 16 times. So I don’t want to despise or underrate their significance or importance or crisis situations or economies that need them,” said another gentleman

Meanwhile, in an exclusive interview with ATL FM NEWS, Professor John Gartchie Gatsi, Dean of the School of Business at the University of Cape Coast called on Ghanaians to remain calm amid IMF negotiations.

He however stated that Ghanaians should not compare previous IMF programs to this because they all come with different conditions, he explained.

“I think the people are expressing their fears but we don’t know even what government is placing before the IMF. We don’t even know what will be the outcome of the negotiation. After that, we’ll know what conditions will be placed on government, what program will be carried through after the negotiation,” he said.

According to Prof. Gatsi, the IMF program would help stabilize the Ghanaian economy and discipline our leaders on using the funds judiciously.

He said the IMF Program will however show how indiscipline we have been in borrowing and its effect on the economy.