Former Finance Minister, Seth Terkper says Ghana goes to the IMF a bit too overdue, particularly when, from all indications, it was once transparent that the economic system was once headed for tougher occasions.
He mentioned Finance Minister Ken Ofori-Atta’s adamancy should be blamed for Ghana’s pointless extend to interact the IMF for a bailout.
Talking in a Citi Information interview, Mr. Terkper mentioned, “should you learn the MPC studies, it stored pointing to the fiscal deterioration the usage of issues of coverage credibility. The remaining straw was once our downgrade from B class to C. If this was once no longer alarming sufficient to government, then what will have to be alarming?”
He argued that the present situation Ghana unearths itself in is the worst it’s been prior to in search of an IMF programme.
The Ministry of Data on Friday, July 1, 2022, introduced that President Akufo-Addo had given acclaim for Ghana to start engagements with the IMF for a bailout.
The Data Ministry mentioned the Minister for Finance, Ken Ofori-Atta can be main the negotiations with the IMF within the coming days.
The inside track has been gained with combined emotions.
This would be the seventeenth time Ghana goes to the IMF for lend a hand.
The sixteenth time was once beneath the John Mahama management in 2015 and led to 2019.
Terkper believes that had the federal government acted early sufficient, Ghana would had been at complicated levels in its talks with the fund.
“Prior to now, after we went to the fund, we didn’t get to this degree. What’s unexpected was once the adamancy of the Minister of Finance [which] needed to be corrected via the president as a result of having a look on the numbers, it wasn’t just right. The placement was once getting dire and govt was once working out of choices, and it was once time to imagine an IMF coverage possibility as a reputable one,” he mentioned.