The International Monetary Fund (IMF) has been invited to support an economic program developed by the Government of Ghana, and President Nana Addo Dankwa Akufo-Addo has directed his Finance Minister Ken Ofori-Atta to begin formal engagements with the IMF.
This comes after the President and Miss Kristalina Georgieva, the IMF Managing Director, spoke on the phone and discussed Ghana’s decision to work with the Fund.
This was disclosed in a statement released by the Ministry of Information on Friday, July 1.
On Monday, June 27, Gabby Otchere Darko, a prominent figure in the ruling New Patriotic Party (NPP), declared that, in theory, he was not opposed to the IMF program.
Gabby clarified that he opposes an IMF program that provides the nation with pitiful aid but imposes restrictions that will ultimately harm the poor, employment opportunities, and businesses more.
In series of tweets he said “Am I against an IMF program in principle? No”
“I am not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. Covid-19 and War in Ukraine are not of Africa’s doing but more to our doom. A program that pretends it is all our doing is doomed to fail.”
“We do something that will inject confidence in our capacity to ride this heavy storm and that something should happen pretty quickly. Are you against an IMF program?”
The Finance Minister, Ken Ofori-Atta, has insisted that Ghana would not go back to the IMF for support.
In his view, the government has put in place measures including salary cuts and others, and also programmes to deal with the fundamental issues affecting the economy.
Mr Ofori-Atta said these when he was asked by expatriate journalist whether Ghana would consider going back to the IMF, at a press conference in Accra on Thursday May 12.
He said while answering the question that “All the white folks are just interested in us coming in the IMF programme. I always wonder why.”
“We are members of the fund; there are two major points of interventions that we have from the fund. One being the advise that we get because of the phenomenal expertise that the fund has and then secondly, these programme interventions which bring us some resources.
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“I think, if you see from the budget that we constructed for 2022 and the subsequent announcement that we have done, clearly, the issue of Ghana having the capacity to think through the consolidation exercise exist. Also discipline itself with regards to the 20 per cent, etc, that we have shown clearly.”
He further indicated that “We have committed to not going back to the fund because in terms of the interventions and policy we are right there, the fund knows that we are completely in the right direction. The issue is, validating the programmes that we have put in place and then, in my view, supporting us to find alternative ways of financing or re-financing our debt, reprofiling it.”