Dr Ato Forson: NDC MP Predicts Doom For IMF Deal If Ghana Fails To Restructure Its Debt

• The Ranking Member of Parliament’s Finance Committee is predicting doom for the IMF deal
• Dr Cassiel Ato Forson tells YEN.com.gh in an exclusive interview that failure to restructure Ghana’s debt will see the deal fail
• He says the implications of that will be catastrophic and devastating for the ordinary Ghanaian

The Minority spokesperson on Finance, Dr Cassiel Ato Forson says failure to restructure Ghana’s debts in the shortest possible time will not be in the country’s interest.

He says the move will jeorpadise the ongoing negotiations with the International Monetary Fund (IMF) for an economic bailout.

Dr Ato Forson: Ghana's Chances Of Securing An IMF Deal At Risk

Speaking in an exclusive interview with YEN.com.gh, the Ajumako-Enyan-Essiam MP said Ghana’s chances of securing an IMF deal are at risk.

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This he says is because, the country has failed to give sufficient assurances of its efforts to bring our debts to sustainable levels.

“If we fail to properly restructure our debt and also give the needed assurances of the country taking adequate steps that our debts are sustainable, the IMF deal will fail,” he said.

The NDC MP also explained the impact of such a move on the country.

Dr Ato Forson: NDC MP Says Failure To Seek An IMF Deal Will Be Catastrophic For The Country

He says failure to secure a deal on time will be catastrophic and have a devastating impact on the ordinary Ghanaian.

“The impact on the Ghanaian economy will be severe, particularly on the economy. And we won't wish it happens to us. The consequences will be devastating. Fuel prices will go high, the cedi will depreciate massively, and goods and services will skyrocket. I don't want that to happen to us. The impact of the country’s failure to secure an IMF deal will be severe and very dangerous.”

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Ghana is currently before the Bretton Woods Institution for a $3 billion deal to address its current economic crisis.

Already, the country has reached a staff-level agreement and is racing against time to get the needed Executive board-level agreement before being able to access the first tranche which is expected to shore up the country’s foreign reserves, stem the cedi-dollar depreciation tide, among others.

IMF Bailout: US To Approve Ghana’s Request for Economic Aid At Board Level (Video)

Earlier, YEN.com.gh reported that the US Ambassador to Ghana, Virginia Palmer, had assured that her government will support Ghana's request for an economic bailout from the IMF.

Speaking to JoyNews, she said the US will support Ghana at the Board level as Ghana's economic turmoil requires IMF assistance.

Source: YEN.com.gh