President Nana Addo Dankwa Akufo-Addo will address the nation on recent economic developments, according to information minister Kojo Oppong-Nkrumah.
The government’s decision to approach the IMF for a program on July 1, 2022, in the midst of an economic downturn, will be the main point of contention.
The president accepted ultimate responsibility for the choice to approach the IMF, according to Oppong-Nkrumah, who made the statement during the July 3, 2022 episode of “The Probe” on Joy News.
When asked if calls for the resignation of Ken Ofori-Atta, the finance minister, could be taken into consideration, he responded, “We are in a democracy, you are going to have such calls, what are the key value drivers. He supported the economy from 2017 to 2019 despite setbacks.
However, “contrary to his position, the boss says this is what I want my administration to do and he put together a task force that is working on it for it to happen,” he said, adding that the Minister stood by his claim that domestic solutions could help slow the slide.
“You may have those who say ‘yes he should fire the Finance Minister’ …. History will tell you that presidents have a lot of confidence in their Finance Ministers until you can prove otherwise.”
On the composition of the negotiation team set to meet the IMF later this week, he said: “The task force is chaired by the President but the Finance Minister is an integral part, he has ordered him to engage and so he will be in the chair.”
Asked about whether the President will address the nation, the government spokesman answered in the affirmative but did not give any specific dates.
Government on July 1, 2022 took the decision to begin formal engagements with IMF contrary to its earlier position of not returning to the Fund.
The decision has since divided public opinion.
If the engagement is successful, it will be the seventeenth time the country has returned to the Bretton Woods Institution for economic support.
Some reasons the government has consistently cited for which it made a U-turn on its earlier position on the IMF is the twin crisis of the Covid-19 pandemic and the Russia-Ukraine war.