It is good to eat humble pie & go to IMF but be disciplined- Economist to gov’t

International economist Dr. Julius Kattah says it is a great deal that the government has at its humble pie and taken steps to seek a bailout from the International Monetary Fund (IMF).

He opined that the economic challenges confronting Ghana were unbearable, and the country needed to take steps to address them.

To him, it was unwise for the Finance Minister to have stated categorically that Ghana would never return to the IMF when it was obvious we had no other option.

He averred the Minister at the time lacked an understanding of what we were going through, and for that reason, he failed to examine the problems before making the assertions.

”He was aware of the problems and so, he shouldn’t have made those claims. I am happy we are all facing the physical abnormality of what is going on. It is best for the government to go back to the IMF and seek help to resolve the challenges and stress facing the economy.”

Dr. Kattah said the decision not to go to the IMF can only occur if we can refine our economy and move it away from its current state.

He told Nyankonton Mu Nsem on Rainbow Radio 87.5Fm that it took the government too long to go to the IMF, but it was better late than never.

President Nana Addo Dankwa Akufo-Addo has instructed his 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.

This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

The Ministry of Information announced this in a statement today, Friday, July 1, 2022.

Dr. Kattah, reacting, advised the government to be credible, and disciplined and show the IMF that we can come out of the challenges.

The lecturer added that we delayed going to the IMF, and the delay has resulted in serious economic stress, and we need a critical approach to resolving the problems.

”So let’s go to the IMF and discipline ourselves, get our way out of the economic woes and prove to them that we are capable of doing it and doing it better,” he concluded.


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