Former President John Dramani Mahama has asked the government to fast-track negotiations with the International Monetary Fund (IMF) to create a more predictable socioeconomic outlook.
“I fear further delay on the part of the government to secure a deal with the International Monetary Fund will further worsen the country’s economic situation since the nation returned to the Fund for support and assistance after months of struggle with the economy and a cost of living crisis,” he cautioned.
The former President stated that the economic situation was distressing because every passing day made the socioeconomic situation worse and urged the government to work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook.
“The government needs to work with greater alacrity to lock in a programme with the IMF in order to create a more predictable economic outlook to ameliorate the plight of the citizenry since it is distressing to realise that their cost of living situation worsens on daily basis.
“Delays in the negotiations will further deteriorate the economy and worsen the plight of citizens which is distressing because every passing day makes our economic situation worse and there is the need for the government to work harder with the Fund in order to create a more predictable economic outlook to bring hope, aspiration and confidence to Ghanaians,” Former President Mahama postulated.
Ghana’s economy grew by 4.8 per cent in the second quarter of 2022, despite its recent economic crises, proving the current administration understands how to manage the resources and crises although formal negotiations for a Fund-supported and assisted programme have begun, with the IMF team currently meeting government officials for a period of ten days.
Talks have begun on a comprehensive debt sustainability analysis with the IMF for a $3 billion support and assisted programme even though some economists have cast doubt on the possibility of concluding the IMF deal before the year ends.
However, Ken Ofori-Atta, the Minister of Finance, had stated that the government would fast-track negotiations with the Fund to ensure key aspects of the programme were reflected in the 2023 Budget and Policy Statement.