June 10, 2023

Government begins formal engagement with IMF

NDC claims vindication as government ‘runs’ to IMF

Government blames global crisis for economic downturn

Award-winning investigative journalist, Manasseh Azure Awuni, has mocked government’s decision to turn to the International Monetary Fund for support amid an economic crunch.

In a post on his social media handle, Manasseh stated thus: “You can do all the propaganda you want, but if the fundamentals of the economy are weak, IMF will expose you”.

The comment by Manasseh is in jest of the infamous quote by Vice President Dr. Mahamudu Bawumia, who said that “if the fundamentals are weak, the exchange rate will expose you,” a jibe during the John Dramani Mahama tenure when the Cedi was fast depreciating against major trading currencies.

President Akufo-Addo on July 1 ordered Finance Minister, Ken Ofori-Atta to begin formal engagements with the IMF.

In a statement signed by Information Minister, Kojo Oppong Nkrumah, the engagement will be to invite the Fund to support an economic program put together by government.

Among other things, the government says the IMF support will 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 crisis.”

Gabby Asare Otchere-Darko, earlier this week hinted at an IMF programme as the E-Levy tax measure was failing to meet estimated revenue inflows.

He stated in a June 27, 2022 tweet: “I am not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. COVID-19 and War in Ukraine are not of Africa’s doing but more to our doom.”

“Am I against an IMF program in principle? No,” he added.

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