Staff Level Meeting: No country has been to IMF and its people have benefitted – Economist

A chartered economist, Mr Bernard Oduro Takyi (BOT), has raised concerns about the praise Ghana is receiving from the International Monetary Fund (IMF) following their meeting in Accra regarding the second tranche of a three-billion-dollar bailout loan.

According to BOT, the IMF's praise should not be taken at face value because the bailout is essentially a loan, not charity.

BOT argues that the IMF is willing to lend to Ghana because the country possesses valuable resources such as gold, diamonds, timber, and bauxite.

He drew a parallel with the banking sector, within which individuals with strong creditworthiness receive favourable treatment from banks because they are seen as capable of repaying loans.

The chartered economist who is also a member of the communications team of the National Democratic Congress (NDC) expressed concerns about the praise coming from the IMF team after the meeting with the Finance Minister while speaking in an interview on Accra 100.5 FM’s evening news on Friday, October 6, 2023.

In the same way, the IMF is confident in lending to Ghana because the country's assets can be used as collateral, BOT intimated.

He noted that the IMF officers' praise for the Ghanaian government after the Staff Level Agreement meeting is expected due to these reasons.

However, he emphasised that such praise does not necessarily indicate efficient management of the country's finances