Former Finance Minister under the erstwhile National Democratic Congress (NDC) government, Seth Tekper, has advised government against exiting the International Monetary Fund (IMF).
According to him, there could be major economic consequences should the country exit the programme.
He said what Ghana needs at the moment is the support of the Bretton Woods institution.
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Ghana is set to exit the IMF’s Extended Credit Facility programme in April 2019, after entering the deal in 2015.
However, Mr. Tekper believes government must rethink its decision to exit, insisting it would be unwise to “exit completely.”
He explained that Ghana could be losing a big opportunity to arrest its faltering economic fortunes should the country exit the IMF now.
“What we are facing now is the precise moment the IMF comes and provides foreign exchange. We may be losing that opportunity [if we exit],” the formr Finance Minister told Joy News.
President Akufo-Addo announced that government will not be returning to the IMF after the country exits the programme.
He said the government remains committed to ensuring that the country does not return to the program immediately after exiting.
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“We’ve just concluded the program with the IMF and with continued discipline, we shall sign off from the deal in April,” Nana Addo said during his 2019 State of the Nation Address.
“This is the 16th time Ghana has had to go to the IMF in its history. Mr. Speaker, we cannot make the progress we all desire unless we are consistent and disciplined in the management of our economy. We have gone through another round of painful impositions to get to where we are today with healthy fundamentals.”
Ghana will exit the IMF Programme on April 3 2019.
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