Akufo-Addo urged to set up team to prepare programme for IMF

Economist Professor Godfred Bokpin, has urged the President to start thinking about the team that will draw up Ghana’s programme for IMF support.

Speaking on Eyewitness News, he said, “it may be helpful for the President to set up a team specifically to design this programme that can be presented to the fund as quickly as possible.”

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“As it stands now, we need a team that really can relate to the IMF at that level,” Prof. Bokpin added.Ghana has just been downgraded by Fitch Ratings from B- to CCC.

The country’s inflation rate alsohit 31.7 percent in the month of July 2022.

Fitch expects a deal with the IMF to be in place within six months.

It also estimates that Ghana could benefit from as much as $3 billion and unlock budget support from other multilateral lenders.

The IMF concluded a fact-finding mission to Ghana in July in which it met with key stakeholders like the Vice President, Finance Minister and the Bank of Ghana.

Prof. Bokpin feels Ghana is currently in a tight situation and “we need to take a critical look to salvage the situation.”

Also on the show, the Bolgatanga Central MP, Isaac Adongo, criticised the government for not being committed enough to solving Ghana’s economic challenges.

“So quite clearly, these guys are not thinking about how to take the difficult decisions in order to resuscitate the economy. They are just looking out for the easiest way, including just looking for cheap money printed by the Central Bank.

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Source: citi newsroom.com