The IMF also welcomed the fiscal adjustments envisaged in the 2021 budget, while stressing that fiscal consolidation was needed to address debt sustainability and rollover risks.
TUC in a statement signed by its Secretary General, Dr Yaw Baah kicking against the IMF bailout said IMF programmes have only imposed unnecessary hardships on Ghanaians with practically nothing to show for them.
As government has initiated discussion with the International Monetary Fund (IMF), many Ghanaians and policy analyst expect tough economic policy changes, especially with cutting down on expenditure and possible cancellation of many social intervention programs as well as how to increase domestic revenue generation.
The renowned economist with University of Cape Coast (UCC) urged government not to give in to the negative attitude of some fear government officials who fear the reconciliation and full disclosure of data, especially on procurement, and therefore advocating against the IMF program.
This was to help our readers grasp with what the picture of the economy looks and what IMF program can bring to better the outlook of the economy.
Some finance experts have indicated the need for government to engage the International Monetary Fund at this moment of the country’s economic conditions.
President Akufo-Addo, last week, ordered the Minister for Finance, to commence formal engagements with the Fund after a telephone conversation with the president and the IMF managing director, Kristalina Georgiev.
It is indisputable that the current Akufo-Addo/Bawumia-NPP government is the most resourced government in Ghana’s history.
In terms of expenditure and funds related to Covid-19, Ghana experienced positive net benefits as the funds raised were more than the expenditure incurred. So if the fresh and ongoing engagement with the IMF is pandemic induced, then it is pandemic mismanagement.