IMF defends government on NDC’s false data allegations

IMF defends government on NDC’s false data allegations

- IMF has cleared the NPP of any wrongdoing regarding allegations of manipulating figures to secure the COVID-19 impact fund

- According to the Country Director of IMF, Dr. Albert Touna Mama, the accusations against the NPP government are false

- He advised persons claiming the figures by the government are massed to rather go through the reports and understand the figures

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The International Monetary Fund (IMF) has dismissed allegations by the opposition National Democratic Congress (NDC) that the Akufo-Addo-led administration tmmpered with Ghana’s macroeconomic figures presented to the body just to secure COVID-19 impact funds.

The Finance Minister, Ken Ofori Atta, requested from the IMF a rapid concessional loan of a billion dollars intended to be used to manage the negative impact of the pandemic in the country.

But the NDC came out to state that the NPP government has massaged the figures they submitted to the IMF for the facility.

IMF defends government on NDC’s false data allegations
Ghana's Finance Minister, Ken Ofori Atta.
Source: UGC

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But on Saturday, May 9, 2020, Country Director of IMF, Dr. Albert Touna Mama, said on Joy FM that the accusations by the opposition party were false.

He opined that those making the allegations are only “comparing apple to pears.”

You need to go through the reports and understand what the figures that have been presented are,” he stressed.

He further explained that the 7.5% fiscal deficit in the IMF statement was generated by the institution itself and not the government of Ghana, adding that the seeming discrepancy in the figures is a result of two different methodologies used in calculating the deficit and international reserve based on different understanding.

According to Dr. Mama, the IMF included in its computation the financial and energy sector payments, which were not part of the government’s calculation.

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In conclusion, the IMF Director said much as the institution tried possibly to stay out of debates such as this one, he felt compelled to clarify statements made by the NDC and other fact-checking agencies. earlier reported that the Ghana Microfinance Institutions Network (GHAMFIN) has announced plans to support its members with a GHC10 million bailout.

The move is to ensure that members of the network are able to keep businesses operational even in the wake of the spread of the coronavirus.

GHAMFIN’s Executive Director, Yaw Gyamfi, explained that the move would also help prevent any potential bankruptcy of any of its members after the sector had gone through a clean-up exercise.

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