IMF team ‘will be in Ghana for two weeks’

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General News of Friday, 5 September 2014


John Mahama US Chamber

The mission of the International Monetary Fund (IMF) expected in Ghana next week will be done with preliminary analysis of the economy within two weeks, an official of the Ministry of Finance has hinted.

“There will be a mission for two weeks, and they will go back to Washington, DC,” said the official.

Kwabena Boadu Oku-Afari, the Ministry’s Director of Economics, made this known on TV3’s Agenda on Thursday, September 4.

Mr Oku-Afari explained that the team from the United States of America-based financial institution will be in the country to “help us stabilize the economy for the short-term.”

Government last month opted to hold discussions with IMF over the ailing economy.

It is meant to boost confidence of investors in the country’s economy, government explained.

But Mr Oku-Afari insisted: “Whether we will be able to solve the problems depends on ourselves.”

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Head of the Department of Economics of the University of Ghana, Professor Peter Quartey, who was also on Agenda hosted by Matilda Asante Asiedu, said all that the Bretton Woods institution will be in Ghana to do have been outlined in the Senchi Consensus that was reached after the 2014 National Economic Forum held in May.

Prof. Quartey noted that among measures recommended to be taken will be the cutting down of the public sector wage bill, which he said has swollen as a result of the high number of government appointees.

Change in attitude

Kenneth Thompson, a financial expert, was, however, not in favour of IMF’s intervention, stressing that it is better attitudes are changed.

According to him, without a change in attitude, Ghanaians will not see daylight with regard to economic prosperity.

He called for patronage of local products and “incentivising” of local manufacturers in order to boost the economy.

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