Returning to IMF for a bailout not an option, says Ofori-Atta

Ken Ofori-Atta, Minister for Finance
Ken Ofori Atta

Ken Ofori-Atta, the Minister for Finance has reiterated the government’s resolve not to return to the International Monetary Fund (IMF) for any sort of bailout programme.

There have been reports that government is in the process of going to the IMF for some support to address the current pressures on revenue, rising debt stock and “troubling budget deficit.”

But speaking to Kweku Adoboli on the Asaase Business Round Table, the Finance Minister, Ken Ofori-Atta stated that the government has no plans to resort to the IMF for support.

According to him, seeking help from the IMF will retrogress the government’s efforts of developing the country “Beyond Aid.”

“We have to confront the fact that we can be masters of our own destiny and why do I need the IMF to tell me what to do? We came out of the IMF quickly when we came into power in 2017.

“They (IMF) remain trusted advisors, but whether that instrument of being under the IMF is the only way for a country to grow, I beg to differ. I’m not sure that, that’s the path in emancipating one’s economy.” 

Ofori-Atta added, “The story of Africa and Ghana has been whether we have truly leveraged our resources in such a way as can truly be used for our own development … which I do believe that we can!”

Some economists and finance professionals have already predicted that the country will secure a programme from the Fund to help deal with the current revenue pressures and rising debt stock.

The debt, which is presently a little above GHC335 billion, continues to surge and create problems for the economy.

However, an economist, Daniel Amartey Anim has cautioned the government against returning to the International Monetary Fund (IMF) for economic support.

He urged the government to continue with the current economic management program it is pursuing and expand the tax net through domestic revenue mobilization to raise the needed revenue to manage and sustain the economy.

Nicholas Brown

Asare Solomon Aristocrat
Asare Solomon Aristocrat

I’m Solomon, the CEO of Voix Of Ghana Media ( VOG MEDIA, and Aristocrat Charity Foundation ( ACF). Aside blogging, I am also a Forester, Philanthropist, a Publicist, and a Promoter.

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