We need to deal with the fundamental factors that made it necessary go to IMF, Kweku Kwarteng
Akufo-Addo directs Finance Minister to commence IMF engagements
Government makes U-turn on going to IMF
Chairman of Parliament’s Finance Committee, Kwaku Kwarteng has stated that, even though he is not happy Ghana had to go to IMF for bailout, he supports government’s decision.
According to him, there is a need for government to deal with the fundamental factors that made it necessary for the country to go to the IMF.
“I feel unhappy that we have had to go for an IMF programme, once government has made that decision, we should all support government to get the best from whatever discussions that are going to begin.” He said
Speaking on Citi FM’s ‘Eyewitness news’, he said should government fail to deal with the fundamental factors, government after government will say they won’t go, but end up there.
“We need to deal with the fundamental factors that made it necessary go to the IMF in 2015 now and address the fundamental factors that has taken us to the IMF 17 times. If not, government after government will say they won’t go, but end up there. We have been there 16 times but it has not corrected challenges, why go the 17th time? It is better that we look at whatever the root causes are and confront it now. Doing so will come at a price but the time is now. There is the need for painful decisions,” he added.
President Akufo-Addo has authorized the Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund.
According to a statement issued by the Ministry of Information, on July 1, 2022, the decision is to invite Fund to support an economic programme put together by the government of Ghana.
“The engagement with the IMF will seek to 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 crises,” the statement indicated
