Deputy Finance Minister, John Kumah, has justified an International Monetary Fund(IMF) programme by the government, explaining that the move will help the country to solve economic challenges faster.
He said the government was optimistic that the programme would bring enormous benefits to the country.
“Our objective as government is to restore confidence in the economy and rebound it from the difficulty, from the challenges,” he said.
“We believe that where we stand now, an IMF intervention will help us come out quicker than we could. We hope that it will benefit the country,” he said on TV3.
He added that Ghana was not the only country facing economic challenges but other economies were equally in similar situations.
The Akufo-Addo-led government has approached the International Monetary Fund (IMF) for economic policy assistance, but not all Ghanaians are in support.
The Minister of Information Kojo Oppong Nkrumah announced the decision to seek IMF assistance on Friday, 1 July 2022.
The country is faced with high debt, low revenue, rising inflation, steep depreciation of the cedi against other major currencies, and a general rise in the cost of living attributed to external factors such as the Russia-Ukraine war and the COVID-19 pandemic.
MPs reaction
Meanwhile, Member of Parliament (MP) for Sagnarigu, ABA Fuseini, has said the decision by the government to go to the IMF for support is an indication of the mismanagement of the economy by the Akufo-Addo-led administration.
“A return to the IMF shows the catastrophic mismanagement of the economy.
“They told us that they were not going to the IMF. They must apologise to the people of this country for imposing hardship on Ghanaians, and they are now going to the IMF,” he said.
On his part, MP for Okaikwei Central, Patrick Yaw Boamah, also urged government representatives who will be engaging the IMF to negotiate wisely to benefit Ghanaians.
“The circumstances that will take you there is what I believe Ghanaians should highlight. Secondly, the conditions that will come out of the programme are what Ghanaians should be looking at.
“So let us look at the engagements and the discussions that will ensue and the conditions that will come out from the programme. So we wish the government well that they will negotiate better and ensure that we stay on track to the benefit of everybody.”
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