I genuinely believe there is severe hardship in the system – Osei Kyei-Mensah-Bonsu admits

The Member of Parliament for Suame Constituency, Osei Kyei-Mensah-Bonsu has acknowledged the impact of the economic crisis in the country.

The Minister of Parliamentary Affairs who also doubles as the Majority Leader stated that though there is general economic hardship, he is of the opinion that the government needs to do more consultative work in dealing with the situation.

Speaking in an interview with Joy News, he asserted that in order to ensure that the economy recovers, there should be a continued review of government policies and methods of implementation.

“You know I genuinely believe that there are hardships in the system. And I genuinely believe that we should continually reflect on the policy options before us to further improve. We should be cyclical in this approach. And also try to engage as much as possible, I will say that,” he said.

Government is seeking a programme with the International Monetary Fund (IMF) with the view to salvage the economy which suffered a torrid 2022 characterised by a depreciating currency, galloping inflation and a general increase in the cost of living.

Meanwhile, President Nana Addo Dankwa Akufo-Addo is optimistic that Ghana will conclude talks with the International Monetary Fund (IMF) on a possible financial bailout programme.

According to President Akufo-Addo, though the government’s debt exchange programme was fraught with several challenges after its announcement, it has largely been accepted by the citizenry.

He made this known when the German Federal Minister of Finance, Christian Lindner, paid him a visit at the Jubilee House.

“We have already taken one important step forward in concluding a staff-level agreement with the IMF. One of the steps was the domestic debt exchange programme which encountered a lot of difficulties, but it has now been virtually concluded…We are now looking towards going the full hog and concluding the agreement. We’re hoping that will be done by the middle of March,” President Akufo-Addo said.

He also called on Germany to encourage China, an ad hoc member of the Paris Club to support Ghana’s debt restructuring efforts.