Former Finance Minister, Seth Terkper says Ghana goes to the International Monetary Fund (IMF) a bit too past due, particularly whilst, from all indications, it became clear that the economic system became headed for more excellent tough times.
He stated Finance Minister Ken Ofori-Atta’s adamancy needs to be blamed for Ghana’s needless put-off to have interaction with the IMF for a bailout.
Speaking in a Citi News interview, Mr. Terkper stated, “in case you examine the MPC reports, it stored pointing to the monetary deterioration the usage of factors of coverage credibility. The ultimate straw became our downgrade from B class to C. If this became now no longer alarming sufficient to authorities, then what has to be alarming?”
He argued that the present day situation Ghana unearths itself in is the worst it's been earlier than in search of an IMF programme.
On Friday, July 1, 2022, the Ministry of Information introduced that President Akufo-Addo had given the popularity of Ghana to start engagements with the IMF for a bailout.
The Information Ministry stated the Minister for Finance, Ken Ofori-Atta may be main the negotiations with the IMF withinside the coming days.
The information has been acquired with blended feelings. This may be the seventeenth time Ghana goes to the IMF for help.
The sixteenth time became below the John Mahama management in 2015 and resulted in 2019.
Terkper believes that had the authorities acted early sufficient, Ghana could had been at superior ranges in its talks with the fund.
“In the past, whilst we went to the fund, we didn’t get to this level. What is sudden became the adamancy of the Minister of Finance [which] needed to be corrected via way of means of the president due to the fact searching on the numbers, it wasn’t good. The state of affairs became getting dire and authorities became jogging out of options, and it became time to recollect an IMF coverage choice as a reputable one,” he stated.
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