Gabby: Timing for IMF programme is right

Gabby Asare Otchere-Darko, a political strategist and member of the New Patriotic Party (NPP) has said the timing that the government is seeking the support of the International Monetary Fund (IMF) is right.

Otchere-Darko said the announcement by the government to seek a Fund programme has so far triggered some interest from investors who want to come back to invest.

Speaking with Kofi Abotsi on Townhall Talk on Asaase Radio on Friday (1 July), he said, “I believe that the timing of us going to the IMF is just right.”

“You cannot compare what compelled us to go to the IMF to what has compelled us to go to the IMF now.”

Otchere-Darko added, “… If you doubt this then check the economic reaction to our going to the IMF today because after the announcement some in the market want to come back and invest.”

On Friday (1 July), President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF).

A statement signed by the Information Minister, Kojo Oppong Nkrumah said “This follows a telephone conservation between the president and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.” 

“The engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement added.