Analyst worried at slow pace of IMF-Ghana negotiation; says it’s fueling speculation and panic

The negotiation between the Government of Ghana and the International Monetary Fund (IMF) is not moving faster, Director of Research at the Institute of Economic Affairs (IEA) Dr. John Kwakye has observed.

The delay and uncertainty, he explained,  are fueling speculation and panic in the investor community, causing continued damage to the cedi

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In a tweet, Dr. Kwakye said “The IMF is moving at a snail’s pace in negotiating Ghana’s program as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!”

Meanwhile, Finance Minister Ken Ofori-Atta earlier at a press briefing assured that the negotiations have been smooth so far.

“In line with the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the program are reflected in the 2023 Annual Budget Statement in November 2022,” he added.

In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF program design.”

“I am extremely confident about where we will land on this journey. We have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country, and more recently a successful exit from the 2015 Extended Credit Facility. So let us go for the spirit of courage for the LORD is with this Nation. Let us not fear, for He who is with us is greater than all.”