$3bn Bailout: IMF awaiting bold, credible pronouncements from Akufo-Addo – Kwame Pianim
Respected Ghanaian economist, Kwame Pianim, says the IMF is only awaiting bold and credible pronouncements from President Akufo-Addo on stabilising the economy to give further boost to the approval of the $3bn BoP support programme.
According to Mr Pianim, such pronouncements by the President is imperative given the fact that negotiations with the IMF by the Finance Minister is not going as planned.
The inability of the Finance Minister to secure an IMF bailout programme, Mr Pianim notes, is due to the loss of credibility by the Finance Minister before IMF negotiators as he was previously opposed to going to the IMF for an economic programme.
“The IMF negotiations are not going well, and what the IMF is now waiting for are bold, credible pronouncements from the President like he did during the Covid, saying that he takes full responsibility and that he is in charge and will make sure Ghanaians are protected from the disease.
“They need him to come out and say that there is nothing he will not do to stabilise the economy and stop the economic crisis. And also say that there are no sacred cows and that all the flagship programmes will be reviewed for efficiency and that he will also cut down on expenditure, that’s what they want to hear,” he stated.
“Because you see, as for Ken Ofori-Atta he is not a credible messenger, because he did want this (IMF programme) in the first place.
“The hardships on Ghanaians are unprecedented, and the Finance Minister should not inflict more misery on Ghanaians by steeping down,” he added.
Meanwhile, President Akufo-Addo is expected to address Ghanaians on the economy on Sunday, October 30, 2022.
The President’s address comes amid the free-fall of the Ghanaian cedi against the US dollar, calls for the resignation of the Finance Minister, Ken Ofori-Atta and inconclusive talks with the IMF for a programme.
The President, in his address, will be expected to touch on measures to be put in place by his government to fix the country’s prevailing macroeconomic challenges.
