Fast-track IMF talks to improve the prospects for the economy, according to Former President John Dramani Mahama.
To provide a more predictable macroeconomic future, former president John Dramani Mahama has encouraged the administration to expedite talks with the International Monetary Fund (IMF). As the country returned to the IMF for support and assistance after months of difficulty with the economy and a cost of living crisis, he issued a warning: “I think that additional delay on the part of the government to negotiate an agreement with the IMF will further deteriorate the country’s economic predicament.”
According to the former president, the socioeconomic situation was becoming more precarious by the day. He urged the government to act more quickly to secure a deal with the Fund to build a more stable economic outlook. Since it is upsetting to realize that the citizenry’s standard of living is deteriorating daily, the government must move more quickly to lock in a deal with the IMF to create a more predictable economic outlook and improve the misery of the populace.
To give Ghanaians hope, aspiration, and confidence, the government must work harder with the Fund to develop a more predictable economic outlook, according to former president Mahama. “Delays in the negotiations will further deteriorate the economy and worsen the plight of citizens which is distressing because every passing day makes our economic situation worse,” he said. Although formal negotiations for a Fund-supported and assisted program have begun, with the IMF team currently meeting government officials for ten days, Ghana’s economy grew by 4.8% in the second quarter of 2022, despite its recent economic crises, demonstrating the current administration is capable of managing resources and crises.
Even while some economists have questioned the likelihood of reaching an agreement with the IMF before the year is out, discussions have started on a thorough debt sustainability review for a $3 billion support and supported program. Ken Ofori-Atta, the minister of finance, had previously announced that the government will expedite talks with the Fund to make sure that important elements of the initiative were included in the 2023 Budget and Policy Statement.
