Business News of Saturday, 2 July 2022
Source: www.ghanaweb.live
Ghana stands a low chance of securing a better deal with IMF – Isaac Adongo
Akufo-Addo directs Finance Minister to commence IMF engagements
We’re ready to assist Ghana restore macroeconomic stability – IMF
Ghana waited too long to turn to IMF
Deputy Ranking Member of Parliament’s Finance Committee, Isaac Adongo has indicated Ghana stands a low chance of securing a better deal with the International
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This comes after President Akufo-Addo on July 1 directed the finance minister [Ken Ofori-Atta] to commence formal engagements with the IMF for an economic programme.
Reacting to the development outside parliament on Friday, the Bolgatanga Central lawmaker said the decision not engage the IMF much earlier will make negotiations more difficult for Ghana.
“Government is going to IMF at a time where it basically does not have an economic blueprint and so chances of that means we are going have a lot of the programmes being designed from the perspective of the IMF and not the perspective of the country,” Adongo told journalists.
“…I want to make a point that government has already started on a faulty leg by asking the finance minister [Ken Ofori-Atta] to engage the IMF as such a move is rather equivalent to not wanting the programme. Ken Ofori-Atta lacks the capacity fit for this type of purpose,” the lawmaker opined.
Isaac Adongo further suggested that the economic woes of the country are largely due to the wrong decisions taken by the Finance and the Minister of State in charge of finance, Charles Adu-Boahen.
He therefore said the two individuals must be removed from their posts immediately.
“The president should have followed the announcement with a removal of Ken Ofori-Atta and Charles Adu Boahen in a bid to give Ghana a chance to negotiate an acceptable programme that is workable. To say that he [Ken Ofori-Atta] is leading the negotiations, it tells me that you don’t want the programme,” he stressed.
Adongo however said government must clearly demonstrate commitment and readiness to have an IMF programme that will benefit the people of Ghana.
Meanwhile, government has come under fire over its decision to turn to the IMF for a financial bailout despite insisting on numerous occasions that it believes in its homegrown solutions to sustain the economy.
