Snail pace of IMF negotiation fueling panic among investors - Dr. John Kwakye

Dr. John Kwakye, Senior Economist and Director of Research, at the Institute of Economic Affairs (IEA), has indicated that investors are panicking over the pace of the Government of Ghana and the International Monetary Fund (IMF), negotiation over a US$3 billion programme. According to him, this panic among the investor community has affected the Ghana cedi more as compared to the dollar. He lamented in a series of tweets, that instead of managers of the economy reacting to it, they are rather sitting aloof, as if nothing is happening. This, behaviour, Dr Kwakye added, is unacceptable. "The IMF is moving at a snail's pace in negotiating Ghana's program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!" Dr. Kwakye tweeted. He further observed that the government of Ghana at the moment does not have enough money to meet its economic obligations which have exacerbated its inflation growth. "Sadly, the economy is being run aground. Gov't doesn't have money to meet its obligations. Ghana has one of the highest inflations in the world. The cedi is one of the worst-performing currencies. Our debt is rising to pre-HIPC levels. And yet our economic managers stand aloof," Dr. Kwakye tweeted further.

The IMF is moving at a snail's pace in negotiating Ghana's program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!— J. K. Kwakye (@JohnKwabenaKwa1) October 11, 2022

Sadly, the economy is being run aground. Gov't doesn't have money to meet its obligations. Ghana has one of the highest inflations in the world. The cedi is one of the worst performing currencies. Our debt is rising to pre-HIPC levels. And yet our economic managers stand aloof.— J. K. Kwakye (@JohnKwabenaKwa1) October 11, 2022 PEN/SARA