Deputy Minister of Finance, Mr. John Kumah has stated firmly that the country will not go to IMF for rescue despite economic hardship.
According to him, President Akufo-Addo’s administration has taken action to address the current economic issues facing the nation.
The administration is working hard to restore macro-stability while also establishing credibility and investor trust with the debt sustainability and budgetary reduction measures put in place.
By making contributions to the fund, we’ll continue collaborating to create a strong economy and resurrection. We want to be clear that the IMF will continue to work with us to achieve debt sustainability and budgetary consolidation,” he said.
Despite Ghana’s current economic difficulties, the IMF bailout was not requested: Ken Ofori-Atta, minister of finance. The government chooses not to request a bailout from the IMF.
He claims that the administration is confident in its solutions to aid in the economy’s recovery and that more steps to increase domestic revenue would be taken to maintain the economy.
However, he did mention that Ghana continues to gain from the technical help and direction provided by the IMF.
“We are IMF members, and the Fund has provided us with two significant sites of involvement. The first is the guidance we receive and these program interventions that provide us with resources.
“If you see from the budget that we constructed for 2022 and the subsequent announces we’ve done, clearly the issue of Ghana having the capacity to think through the consolidation exercises and also disciplining itself about the 20% to 30% [expenditure] cut that we have shown clearly is a direction that I guess even in a sense, the fund may be hesitant to push any further,” he said.
Source: Mybrytnewsroom/Joseph Asare
