According to Dr. John Kwakye, director of research at the Institute of Economic Affairs (IEA), the negotiations between the Government of Ghana and the International Monetary Fund (IMF) are not progressing more quickly.
He explained that the uncertainty and delay are prompting investors to speculate and worry, which is continuing to harm the cedi.
Dr. Kwakye stated in a tweet that the IMF is negotiating Ghana’s program “at a snail’s pace, as if nothing is at stake.” The uncertainty and delay are leading the investor community to speculate and panic, which is doing more harm to the cedi. However, our economic managers keep a distance. It’s not acceptable!
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Meanwhile, the Finance Minister Ken Ofori-Atta earlier at a press briefing assured that the negotiations have been smooth so far.
“In line with the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the programme are reflected in the 2023 Annual Budget Statement in November 2022,” he added.
Minister for Finance, Hon. Ken Ofori-Atta addressed the Press on the Ghanaian Economy. He touched on the state of Ghana's economy, the IMF Negotiations, Support from the Development Bank Ghana and Stakeholder engagements across all the key segments of the financial sector. pic.twitter.com/aEUGItDlFK
— Ministry of Finance, Ghana (@MoF_Ghana) September 30, 2022
In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design.”
“I am extremely confident about where we will land on this journey. We have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country, and more recently a successful exit from the 2015 Extended Credit Facility. So let us go for the spirit of courage for the LORD is with this Nation. Let us not fear, for He who is with us is greater than all.”
— Ministry of Finance, Ghana (@MoF_Ghana) September 29, 2022
