IMF bailout: Present alternative policies to support ailing economy – Terkper to government

Seth Terkper, former Finance Minister

Tue, 17 May 2022 Source: www.ghanaweb.com

Ghana will not return to the IMF – Ken Ofori-Atta

Ghana facing economic crisis

Government to adopt homegrown solutions to recover the economy – Finance Minister

Former Finance Minister, Seth Terkper, has called on government to issue alternative policies and initiatives to support the country's ailing economy.

The calls come after government has on numerous occasions insisted it will not return to the International Monetary Fund (IMF) for financial support but will instead adopt homegrown solutions to address the current economic challenges.

As a result of this, Seth Terkper believes government must wholeheartedly accept the current economic difficulties in the country and consider options of engaging the IMF.

“I have had a position on the need for us to be pragmatic, accept where we are and have discussions with the IMF. But I’ve also said, that for me is mutinous, because government insists on not going to the IMF. So, my point now is, give us the alternative. When we contemplated not going to the IMF, we came out with a home-grown solution,” he is quoted to have said by Citi Business News.

“Your insistence on not going to the IMF is dependent on you having your own solutions to your problems. So, my short answer is give us the alternative, the economy is ailing,” he added.

Despite government admitting it continues to enjoy the technical support and advice received from the IMF, Finance Minister, Ken Ofori-Atta has maintained Ghana will not be seeking a financial bailout from the Bretton Woods Institution.

According to him, the Nana Addo Dankwa Akufo-Addo-led government is confident in its homegrown solutions in reviving the Ghanaian economy from the impact of the COVID-19 pandemic.

Addressing journalists at a press briefing in Accra on May 12, Ken Ofori-Atta said government will continue to adopt more measures aimed at raising revenue domestically to sustain the economy.