The Eastern Regional Minister, Seth Kwame Acheampong has rubbished reports that Ghana’s decision to seek a bailout from the International Monetary Fund (IMF) was inevitable due to government mismanagement of the economy.
He said the IMF move does not suggest Ghana is broke.
The Minister noted there are funds to deal with the economic hardship.
However, he indicated that government decision to seek IMF support was to secure enough financial support needed to restore the economy since the E-levy failed to rake in the expected revenues.
Mr. Acheampong stated at this year’s Eid-ul-Adha celebrations in the Eastern region.
“Fund to run the country is available but going to IMF for more funds to enable government continue its programs and developmental projects. So it doesn’t mean Ghana is broke,” he stated.
The Mpraeso lawmaker stressed that the President’s statement during the covid-19 pandemic that “he knows how to bring back the economy” will surely come to pass following the effort to restore the ailing economy.
“During the covid pandemic, the President said we know how to bring back the economy but not the dead. So it is the same path of economic restoration that we are on now. I know many people think Ghana is broke is the reason we are going to IMF. No! That is not the case.
“This is not the first time Ghana is going to IMF. For the sake of politics people will say government has mismanaged the economy but that is not the case,” he said.
On Wednesday, July 6, 2022, the Ghana government began negotiations with the IMF for Balance of Payment support.
Source: Modern Ghana
