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We can get the IMF $3bn from SSNIT – Austin Gamey

A Labour Expert, Mr Austin Gamey has indicated that the government can generate enough revenue from the Social Security and National Insurance Trust (SSNIT) without going to the International Monetary Fund (IMF).


In his view, SSNIT alone should be able to provide the government a substantial amount of money required to tackle the challenges facing the country.

Mr Gamey said this on the Sunrise show with Alfred Oansey on 3FM Tuesday September 27.

“We don’t need to go to IMF, we have the entire money from SSNIT alone,” he intimated.

The Ministry of Finance and the Bank of Ghana have commenced discussions with the IMF for an IMF-supported programme.

A key prerequisite for a programme is confirmation that Ghana’s debt is on a sustainable path.

This will require a comprehensive Debt Sustainability Analysis (DSA), which is currently ongoing.

A statement issued by the Finance Ministry on Monday September 26 said the Government of Ghana is putting together a comprehensive post Covid-19 economic programme which will form the basis for the IMF negotiations.

“The programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.

“Government negotiations with respect to the IMF-supported programme is commencing this week and we are optimistic about making progress in our discussions.

“Government remains committed, and shall continue to actively engage all stakeholders, both public and private, in a clear and transparent manner as we seek to fast-track this process.”

READ ALSO:  Ghana is a stable, peaceful country to invest in – First Lady woos Chinese investors

Bloomberg reported that the Government is likely to receive $3billion from the Fund.

“The amount is double what the country was considering a month ago as it tries to shore up its finances and gain access to the global markets.

“The funding would be provided over three years, the people said, asking not to be identified because the talks are still in progress and public announcements have not been made,” it noted.

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