Yaw Buaben Asamoa, the New Patriotic Party’s (NPP) director of communications, has acknowledged that the government’s decision to request a bailout from the International Monetary Fund (IMF) is the appropriate course of action given the current state of the economy.
Therefore, he urges the people of Ghana to support the government’s choice.
On July 4 on TV3’s New Day, Mr. Buaben Asamoa said, “That choice merits our respect and support.”
He was commenting in the wake of last Friday’s news that Ghana would start talks with the Fund about a potential bailout.
According to a statement made by the Minister of Information, Kojo Oppong Nkrumah, the Wednesday, June 30, Cabinet meeting decided that working with the IMF would be the best course of action to overcome the country’s financial difficulties.
“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorised Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana,” the statement last Friday opened.
“This follows a telephone conversation between President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.”
Mr Oppong Nkrumah further stated: “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.”
Mr Buaben Asamoa says the current move to go to the IMF is as a result of external factors, which can destabilise the best managers of any economy.
“Those factors can undermine you.”