The Dean of the Business School at the University of Cape Coast, Professor John Gatsi has said that the decision to return to the International Monetary Fund (IMF) is an indication that the programmes and measures outlined by the government to deal with the economic challenges are not strong enough.
It also means that the management of the economy has been difficult for the government, he added.
Speaking in an interview with TV3’s Komla Adom on the mid day news Friday July 1, Prof Gatsi said “The decision is clear to all of us that Ghana is heading towards the IMF, officially from the President and then authenticated by Minister responsible for Information.
“It has implications, the implication is that the management of the economy has become very difficult, our programmes are not potent enough to deal with the challenges therefore we need credibility for our programmes, we need confidence to manage our economy and that confidence is not coming from the programmes and strategies of the government and that, the government believes that confidence to manage the economy can be procured from the IMF.”
President Nana Addo Dankwa Akufo-Addo has instructed his Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF) inviting the Fund to support an economic programme put together by the Government of Ghana.
This followed a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.
The Ministry of Information announced this in a statement on Friday July 1.
A Deputy Minister of Finance, Mr John Kumah said an IMF programme will help the country to come out from the economic challenges faster.
He said the government hopes that the programme will benefit the country.
“Our objective as government is to restore confidence in the economy and rebound it from the difficulty, from the challenges, not only in Ghana but almost all economies around the world.
“We believe that where we stand now, an IMF intervention will help us come out quicker than we could. We hope that it will benefit the country,” he told TV3’s Komla Adom on the mid day news on Friday July 1.