Going to IMF won’t end economic woes, hardship – Joe Jackson

Ghana turns to IMF for financial bailout

We’re ready to assist Ghana restore macroeconomic stability, IMF

Relieve Ken Ofori-Atta of his post as Finance Minister, Minority to Akufo-Addo

A Financial Analyst, Joe Jackson, has opined that the decision to engage the International Monetary Fund for financial

Read full articlebailout will not put an end to the hardships of Ghanaians.

This comes after President Nana Addo Dankwa Akufo-Addo on July 1, authorized the Finance Minister [Ken Ofori-Atta] to commence formal engagements with the IMF for an economic programme.

Sharing his views on the decision taken by government on Accra based TV3, Joe Jackson said a return the IMF will not automatically put an end to the sufferings and economic woes of Ghanaians.

“I expect that going into this programme there will be parts of the programme to mitigate the worst part. But still, it won’t stop us from suffering a lot of pain. In any case, going to the IMF is not a get-out-of jail card,” he opined.

Meanwhile, the finance minister [Ken Ofori-Atta] has come under intense pressure over the management of the Ghanaian economy which is now seeking formal engagements with the International Monetary Fund for a financial bailout.

Despite stiff opposition against a return to the IMF earlier, President Akufo-Addo on July 1 authorized the finance minister [Ken Ofori-Atta] to engage the IMF for an economic programme.

The IMF in response to the decision indicated its preparedness to assist Ghana on the path of its economic recovery.

In a social media post on July 1, the IMF Resident Representative for Ghana, Dr. Albert Touna-Mama, confirmed that the Ghanaian authorities have reached out to the Bretton Woods Institution.

He also mentioned that the Fund was ready to assist Ghana government to restore macroeconomic stability and safeguard debt sustainability for the country.

"We can confirm that the authorities have been in touch to request Fund’s support to #Ghana’s own economic program. The #IMF stands ready to assist #Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth; and face the impact of the war in #Ukraine and the lingering pandemic. We are looking forward to meeting with the authorities in the coming weeks to start the initial discussions,” Dr. Albert Touna-Mama tweeted.

Government and IMF officials are expected to in the coming weeks meet to begin the formal discussions.

MA/DA