Deputy Trade and Industry Minister, Kwaku Rickett Hagan has told Citi News, although seeking a bailout from the International Monetary Fund (IMF) will not entirely resolve Ghana’s economic challenges, it remains the best option for the country in the interim.
“Yes; IMF is not going to solve all our problems but I think at this juncture, we need the IMF to put us on the path of recovery,” he said.
The Deputy Minister agreed with the Coordinator of Human Security at the Presidency, Brigadier-General Joseph Nunoo-Mensah (Rtd) who had early on told Citi News that seeking a bailout from the IMF will not inure to the benefit of Ghanaians.
The former army chief called for self discipline in addition to the country’s call for assistance.
Ricketts Hagan however said the government is obligated during this period of economic challenges to turn to the IMF.
According to him, Ghana is not the only country seeking assistance from the IMF and citizens should not consider a bailout from the IMF as a “problem because we are a member of the IMF and we’ve been on IMF programmes many times. We are not the only country that has used the IMF.”
[contextly_sidebar id=”IhDVCI4zMzljqFmFwTdOX9MnOP19fw4S”]The Deputy Minister acknowledge that the government would have to effectively manage the economy so as not to run back to the IMF for a bailout in the coming years since it will mean “you don’t learn anything.”
He was hopeful that in the near future, technical assistance will be the only thing Ghana will seek from the IMF.
Rickett Hagan disclosed that an IMF physical center has been established in Ghana to help the region in addressing its technical challenges.
“I hope it remains technical which many countries do. That is what the IMF is there for,” he remarked.
Ghana is currently in talks with officials from the IMF to draw up a programme to put the nation on the road to economic recovery.
The economy in recent times has been hit hard with the free fall of the cedi against major trading currencies, high inflation rates, high cost of living, increment in petroleum and utility prices, irregular utility supply which is hurting business among others.
Nonetheless, the President has assured Ghanaians that matters of the economy will soon be resolved to lighten the socio-economic burden of citizens.
By: Efua Idan Osam/citifmonline.com/Ghana
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