FLASHBACK: GhanA will never return to the IMF- Ofori-Atta
Finance Minister, Mr. Ken Ofori-Atta, in February this year assured Ghanaians that Ghana will not seek a bailout from the International Monetary Fund, IMF, despite the current economic prevailing challenges.
The Minister at the time stated that says government will consider home-grown solutions to deal with the difficulties because the country has what it takes to turn its ailing economy around.
Speaking at the third in a series of town hall meetings in the Northern Regional Capital of Tamale on the controversial Electronic Transaction Levy (E-Levy), Ken Ofori-Atta maintained that government will do what is best for the country.
“I can say; we are not going to the IMF. Whatever we do, we are not. Consequences are dire, we are a proud nation, we have the resources, we have the capacity. We are not people of short-sight, but we have to move on. So let’s think of who we are as strong proud people, the shining star of Africa, and we have the capacity to do whatever we want to do if we speak one language and ensure that we share the burden in the issues ahead.”
However, President Akufo-Addo has asked the Finance Minister to begin talks with the IMF on a possibility of a bailout.
This was announced in a statement issued by the Information Ministry today, Friday, July 1, 2022.
The statement said, “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.”
“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgievs, conveying Ghana’s decision to engage with the Fund,” the statement noted.
“The engagement with the IMF will seek to provide 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 Russia Ukraine crises,” the statement