Adnan Adams Mohammed
The Akufo Addo/Bawumia administration have resoundingly affirmed their unwillingness to seek any bailout from the International Monetary Fund (IMF) despite the dire economic conditions of the country.
According to Finance Minister, although the economy is in difficulties now, he believes the it is heading in the right direction, and therefore government will find alternative ways of refinancing the country’s debt.
The pronouncement was made when, the minister announced government’s support and programmes for the upcoming 2022 Annual Meetings of the African Development Bank, here in Accra this month. Mr. Ofori-Atta said government is intervening with policies to strengthen the economy.
“We have committed not to going back to the Fund because in terms of interventions of policy, we are right there and the Fund knows that we are completely in the right direction”, Ken Ofori-Atta reiterated government’s commitment of not seeking assistance from the IMF. “And so the issue is validating the programme that we are putting in place and then in my view supporting us to find an alternative ways to refinance or reprofiling our debt without needing to be with the Fund.”
“I think is a general acknowledgement that should be the first point of call and we are doing it”, he stressed.
Mr. Ofori-Atta in March 2022 announced sweeping spending cuts to reduce the fiscal deficit, contain rising inflation and slow the cedi’s slide, with the country facing a looming debt crisis.
This is coming on the back of rising inflation, the relatively weak cedi and downgrade of the country’s credit worthiness by rating agencies.
