The immediate-past Chairman of the Finance Committee of Parliament, Dr. Mark Assibey-Yeboah has called for a sense of urgency on the part of government in its negotiations with the International Monetary Fund (IMF).
According to him, the downgrade of the country’s economy in the latest S&P ratings further reveals the dire straits in which the Ghanaian economy currently finds itself and underscores the need for support.
Weeks ago, a team from the IMF was in Ghana to begin the process after the country requested for a bailout from the fund.
Speaking to Citi News, Dr. Assibey-Yeboah called on government to intensify the pursuit for an IMF programme before the situation gets worse.
“A fund programme is not guaranteed. The IMF coming to town, and the President speaking to them, does not guarantee anything. We have seen it in the Zambian and Sri Lankan cases. There are so many examples. Ordinarily, negotiations will take between 4 and 6 months. At the pace at which we are going, it could take over 8 months.”
“We have to attach some urgency to the request. Most of the staff of the fund will go back to their home countries this month. If there is a burden imposed on them, some of them will stay back and work. The IMF board meets quarterly, the next meeting will be in October, if we do not conclude negotiations before then, they can’t act on our request until the next board meeting which will be next year.”
