Former Finance Minister, Seth Terkper, has asked government to make public the exact economic programme Ghana is opting for, from the International Monetary Fund (IMF).
Speaking on Joy FM‘s Super Morning Show, he stated that Ghanaians will be interested to know the details of the programme.
“For instance, homegrown policies, what I expect is that government will answer to these in the programme. So they should publish the programme to know whether these things (homegrown policies) have been adjusted,” he said.
The comment follows government’s decision to seek economic support from the Fund.
A statement, signed by the Information Minister, Kojo Oppong Nkrumah, and dated July 1, 2022, indicated that there had already been a conversation between the IMF boss, Kristalina Georgieva and President Akufo-Addo conveying government’s decision to engage the Fund.
“The President of the Republic, Nana Addo-Dankwa Akufo-Addo, has authorised Finance Minister, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic programme put together by the Government of Ghana.”
Cabinet at a meeting on June 30, 2022, supported government’s decision to pursue an economic programme from the Fund.
The engagement with the IMF, the statement pointed out, will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russian-Ukraine crisis.
Meanwhile, Information Minister, Kojo Oppong Nkrumah, says government is likely to receive about $2 billion from the IMF after deliberations on a specific support package are concluded.
He stated that considering Ghana’s quota and macroeconomic data, it is possible for the country to get that money to help shore up its reserves.
As a result, government may be able to meet its liquidity and debt service obligations and also boost domestic revenue measures.