A Deputy Minister of Finance, Dr. John Kumah says government will consider returning to the International Monetary Fund (IMF) if the current domestic program fails to provide the needed economic stability and restore investor confidence.
According to him, an IMF programme will be pursued if the need arises.
This comes at a time the government has been heavily criticized for failing to take the courageous step of subscribing to a World Bank program to address the economic hardship in the country.
“If it [bringing the economy back to life] becomes impossible, then it is the only alternative to salvage our economy. But where we are now, we think we are in the position to salvage the economy or to try the homegrown policy we are adopting.”
“If our programmes fail us and we are not able to get the confidence and the results in the fiscal space discipline, which we have to impose on ourselves, then we don’t have a choice,” the Deputy Minister on Accra-base Joy FM.
“It is not about politics when it comes to the economy. But for COVID-19, there is no way we should be discussing IMF by this time,” he explained.
“When President Akufo Addo picked this economy and started growing it with an average of 7%, we saw how the economy was doing so well.”
source: Happy Ghana