Ghana will still not go to IMF despite the economic challenges  – Deputy Minister for Finance John Kumah

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According to John Kumah, the country’s Deputy Minister for Finance, the IMF rescue is not in the government’s plans.

According to him, the Nana Addo Dankwa Akufo-Addo administration has taken steps to alleviate the country’s present economic problems.

With the budgetary reduction and debt sustainability measures put in place, the administration is working hard to reestablish macro-stability while also building credibility and investor trust.

We’ll keep working together to build a robust economy and revival by contributing to the fund. We want to make it clear that the IMF will continue to engage with us for fiscal consolidation and debt sustainability,” he said.

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IMF bailout not sought despite Ghana’s present economic challenges: Finance Minister Ken Ofori-Atta. The government decides not to seek an IMF bailout.

According to him, the administration is confident in its own remedies to help the economy recover and that further measures to collect domestic income to maintain the economy would be introduced.

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He did say, though, that Ghana continues to benefit from the IMF’s technical assistance and guidance.

“We are members of the fund [IMF] and there are two major points of intervention that we have from the Fund. One is the advice that we get and these programme interventions which bring us some resources.

“If you see from the budget that we constructed for 2022 and the subsequent announces we’ve done, clearly the issue of Ghana having the capacity to think through the consolidation exercises and also disciplining itself with regard to the 20% to 30% [expenditure] cut that we have shown clearly is a direction that I guess even in a sense, the fund may be hesitant to push any further,” he said.

 

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