We’ll confront IMF conundrum head-on in coming weeks – Oppong Nkrumah

The Minister of Information, Kojo Oppong Nkrumah, has said the government will decide whether to seek the support of the International Monetary Fund (IMF) to help address the country’s economic challenges in the coming weeks.

The Information Minister said he does not currently have a brief that indicates that the government has taken a decision whether to go for an IMF programme or not

Speaking with Beatrice Adu on The Big Bulletin on Asaase Radio on Thursday (30 June), Oppong Nkrumah said, “I expect the government in the coming weeks to confront the question [whether to go to the IMF or not] head-on.

“There’s been a lot of admonishing on the government to go for a Fund programme. There’s also been a lot of commentary by academics and experts and for example, the TUC that the government should not go for a Fund programme.”

He added, “Remember, we are already members of the Fund. We take money already from the Fund; Are we going to go for a programme properly so-called, in which when you take money, there are conditions attached to it? I think that is the conversation that people are having.

With domestic revenue mobilization not performing to budgetary expectations, coupled with the inability to raise money from the international capital market due to the downgrade of the economy by credit rating agencies, some experts have suggested to the government to seek the support of the International Monetary Fund (IMF).

However, Oppong Nkrumah added: “There’ve been two sets of admonishing on government. Now that all the data and all the assessments are coming together, I expect that in the coming weeks, the government will have to confront that question and take a firm decision on that.