Business News of 2014-08-08

Economist slams Fitch over IMF bailout comments

Economist John Gatsi has criticized Fitch Rating agency for going to the International Monetary Fund (IMF) for a bailout does not mean Ghana’s economy will recover.

Government over the weekend announced its decision to go to the IMF for a financial bailout to address the economic challenges facing the country.

Fitch rating agency in a statement indicated that although an IMF programme that supports fiscal consolidation and addresses macroeconomic imbalances could stabilize the country’s B-negative outlook, “it is not a foregone conclusion or an effective implementation.”

“I do not know the people speaking for Fitch. Are they trying to say IMF who have an office in Ghana and knows how to manage the Ghanaian economy is only interested in providing some funding to the Ghanaian government to spend? I do not think that is what we are looking at,” Dr. Gatsi asked.

Dr John Gatsi who is also a senior lecturer at the University of Cape Coast Business School told Citi Business News he disagrees with Fitch but admitted that the country indeed is going through some difficult times.

“I think they should show some kind of respect in terms of how we want to manage the Ghanaian economy and take ourselves out of this difficulty.”

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