{"id":49293,"date":"2014-09-20T05:25:20","date_gmt":"2014-09-20T05:25:20","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=49293"},"modified":"2014-09-20T02:07:39","modified_gmt":"2014-09-20T02:07:39","slug":"imf-bailout-wont-solve-all-our-problems-rickett-hagan","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/09\/imf-bailout-wont-solve-all-our-problems-rickett-hagan\/","title":{"rendered":"IMF bailout won’t solve all our problems – Rickett Hagan"},"content":{"rendered":"

Deputy Trade and Industry Minister, Kwaku Rickett Hagan has told Citi News,<\/strong> although seeking a bailout from the International Monetary Fund (IMF) will not entirely resolve Ghana\u2019s economic challenges, it remains the best option for the country in the interim.<\/p>\n

\u201cYes; 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,\u201d he said.<\/p>\n

The Deputy Minister agreed with the Coordinator of Human Security at the Presidency,\u00a0Brigadier-General Joseph Nunoo-Mensah\u00a0(Rtd) who had early on told Citi News <\/strong>that seeking a bailout from the IMF will not inure to the benefit of Ghanaians.<\/p>\n

The former army chief called for self discipline in addition to the country\u2019s call for assistance.<\/p>\n

Ricketts Hagan however said the government is obligated during this period of economic challenges to turn to the IMF.<\/p>\n

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 \u201cproblem because we are a member of the IMF and we\u2019ve been on IMF programmes many times. We are not the only country that has used the IMF.\u201d<\/p>\n

[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 \u201cyou don\u2019t learn anything.\u201d<\/p>\n

He was hopeful that in the near future, technical assistance will be the only thing Ghana will seek from the IMF.<\/p>\n

Rickett Hagan disclosed that an IMF physical center has been established in Ghana to help the region in addressing its technical challenges.<\/p>\n

\u201cI hope it remains technical which many countries do. That is what the IMF is there for,\u201d he remarked.<\/p>\n

Ghana is currently in talks with officials from the IMF<\/strong> <\/span><\/a>to draw up a programme to put the nation on the road to economic recovery.<\/p>\n

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.<\/p>\n

Nonetheless, the President has assured Ghanaians that matters of the economy will soon be resolved<\/strong> <\/span><\/a>to lighten the socio-economic burden of citizens.<\/p>\n

 <\/p>\n

By: Efua Idan Osam\/citifmonline.com\/Ghana
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