- Opposition MP Sam George has said the decision by the Nana Akufo-Addo government to go to the IMF was a sensible one
- Sam George was referring to previous strong stance taken by the government against an IMF programme
- The National Democratic Congress (NDC) legislator had always urged the government to resort to the multi-lateral institution to ease economic pressure
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Opposition MP, Sam George, described Nana Akufo-Addo's directive for engagements for a possible bailout programme from IMF as evidence that common sense was prevailing in the government.
The Ningo Prampram MP had been a strong advocate for an IMF programme to hold the decline of Ghana's economic indicators.
"We are officially going back to the IMF for a program. Finally, common sense is prevailing," he tweeted on Friday.
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Sam George was referring to previous denials by the government that an IMF programme was important to revive the Ghanaian economy.
Just last month, the finance minister ruled out the possibility of seeking assistance from the IMF when he told reporters that Ghana was committed to managing its debt without assistance from the multi-lateral institution.
Ofori-Atta was making these confident statements when Ghana's total public debt figures were staggering. The IMF disclosed in May that Ghana's total debt was estimated at 81.8% of GDP in 2021, higher than the 80.1%. Per the Bank of Ghana figures, public debt was around GH¢351.8 billion.
President Directs finance minister to engage IMF for economic programme
YEN.com.gh has reported in a related story that Nana Akufo-Addo has directed Ofori-Atta to begin formal engagements with the IMF for an economic programme.
The global economic disruption triggered by the Russia-Ukraine war has worsened Ghana's macroeconomy.
High public debt, rising inflation and depleting foreign reserves have destabilised the balance of payment. Economic hardship in Ghana has remained a topical national issue since the start of 2022.
A statement from the Information Ministry dated July 1, 2022 that discloses that the IMF boss, Kristalina Georgieva and President Akufo-Addo have already had a conversation about a possible bail-out programme.
“The President of the Republic, Nana Addo-Dankwa Akufo-Addo, has authorised 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,” the statement said.
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