{"id":36826,"date":"2014-08-04T16:02:49","date_gmt":"2014-08-04T16:02:49","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=36826"},"modified":"2014-08-04T16:50:34","modified_gmt":"2014-08-04T16:50:34","slug":"imf-will-demand-structural-reforms-for-bailout-kofi-arkaah","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/08\/imf-will-demand-structural-reforms-for-bailout-kofi-arkaah\/","title":{"rendered":"IMF will demand structural reforms for bailout – Kofi Arkaah"},"content":{"rendered":"
Economist\u00a0and Analyst,\u00a0Kofi Arkaah is predicting that the International Monetary Fund (IMF) will demand a rationalization of Ghana\u2019s wage bill among other structural changes as part of the bailout programme to Ghana.<\/p>\n
According to him the IMF\u00a0 will only provide you money when the necessary \u00a0structural programmes are addressed. \u2018\u2019For example they [IMF] will not provide any financing if the wage bill is not addressed. I can promise you that, it doesn\u2019t matter if you are getting financing for that wage from somewhere else; they will not, he said.<\/p>\n
Speaking on the Citi Breakfast Show<\/strong> on Monday Mr. Arkaah noted that government has to definitely take a decision on the wage once Ghana is on the IMF programme.<\/p>\n IN 2013, Ghana\u2019s wage bill accounted for around 70 percent of government\u2019s tax revenue.<\/p>\n Government has already hinted that it plans to reduce the public sector wage bill to 35 percent of government revenue for the next three years to restore macroeconomic stability.<\/p>\n \u2018\u2019 The government wage bill is just too high,\u2019\u2019 he added.<\/p>\n Mr. Arkaah said\u00a0 the bailout program will also consider the budget overruns mostly in election years.<\/p>\n He further stated that the removal of the fuel subsidies was on the advise of the IMF. \u2018\u2019\u2026 the only [home grown solution] implemented is the removal of fuel subsides which actually came from the IMF,\u2019\u2019 he said.<\/p>\n \u2018\u2019 \u2026 I haven’t seen any thing that has been home grown,\u2019\u2019 he reiterated.<\/p>\n The economist opined that in the current economic crisis it is \u00a0\u2018\u2019prudent\u2019\u2019 for Ghana to sign up for an IMF programme but noted that announcing you are going to the IMF won’t stabilize the Cedi. \u2018\u2019It will stabilize if we industrialize,\u2019\u2019 he suggested.<\/p>\n <\/p>\n By: Evans Effah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Economist\u00a0and Analyst,\u00a0Kofi Arkaah is predicting that the International Monetary Fund (IMF) will demand a rationalization of Ghana\u2019s wage bill among other structural changes as part of the bailout programme to Ghana. According to him the IMF\u00a0 will only provide you money when the necessary \u00a0structural programmes are addressed. \u2018\u2019For example they [IMF] will not provide […]<\/p>\n","protected":false},"author":14,"featured_media":36832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38,4],"yoast_head":"\n