None of our creditors will give us money even if we go to the capital market now – Analyst

A political risk analyst, Dr. Theo Acheampong, has stated that Ghana does not have the credibility to go to the international capital market.

According to him, Ghana can only enter the market after three years – the end of the IMF programme.

He said “We are not in a position now, as a country to even go to the market.

“None of the people we owe currently will be in a position to give us money even if we go…from where I sit, we cannot go to the market at least for the next three years,” he was quoted by 3news.com.

Talks about re-entering the international capital market became rife this week after the President, Nana Addo Dankwa Akufo-Addo said at the Qatar-Africa Economic Forum in Doha that “We have positioned ourselves to be able to go back to the international market which had been a source of funding for us during the first three or four years of our government. We will try as much as possible to maintain the discipline which is required and the most important requisite for a successful programme.”

Dr. Acheampong noted that the President’s comment was a non-starter.

He stated that it will be more appropriate if the government focused on “restructuring our external debt.”

He said “It is a non-starter for me. For the President to have intimated that,” he said.

“For me, it tells me that they are thinking about going back to borrow if the conditions improve. But at the moment, we only just signed the IMF programme and the biggest challenge ahead of us is to restructure our external debt,” he added.

Dr. Acheampong wants the government “rebuild the finances of this country, raise domestic revenue sources to finance some of the development projects and importantly, cut back on expenditure. If we do these three things, we don’t necessarily have to go to the market.”

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