Brace yourselves up for more hardship- Miniter warns Ghanaians

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According to Shirley Ayorkor Botchwey, Minister of Foreign Affairs And Regional Integration, austerity measures are unavoidable in efforts to restore the economy,

From the report signed on Ghanaweb, Shirley Ayorkor Botchwey said the people of Ghana must either accept IMF conditionality or make difficult decisions on their own that would have an impact on the domestic market in order to fully recover from the country’s economic crisis.

“The road back to robust growth, which Ghana and a number of African countries experienced successively in the years before COVID-19 struck, is currently a choice between the devil and the deep blue sea.

We have to either impose IMF-guided austerity, potentially leading to labour retrenchment and accompanying social instability, as witnessed in Argentina and elsewhere, or home-grown yet equally tough decisions to satisfy the markets and, hopefully, pave the way back to a functioning economy.

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“The harsh sacrifices required, themselves, have become a source of instability and an invitation to malign actors,” she said in a statement on the sidelines as Ghana assumes Presidency of the United Nations Security Council.

Meanwhile, the Minority in Parliament has already hinted at an impending debt restructure scheduled to take place in the next 14 days as part of the IMF negotiations, which could have an impact on the investor community.

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In a speech on the economy on Sunday, President Akufo-Addo reassured Ghanaians that no person or organization, including pension funds, who invested in government treasury bills or other instruments would lose money as a result of the ongoing IMF negotiations.


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