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IMF programme won’t lead to quick fix of economic challenges – Prof Quartey tells Ghanaians

Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey, has told Ghanaians no longer to expect a rapid decision of the monetary demanding situations due to help of the International Monetary Fund (IMF).


He stated it can take someday to witness the full blessings of the programme if the government is going ahead to are seeking for the help of the Fund.


“The IMF paintings collectively with governments. Initially, the rules and the entirety were simply surpassed over from Washington to the respective nations, this has changed now. You should increase your very own regulations and have interaction with the IMF and they will inform you which ones to take out, which ones to feature and then you come to a consensus, based totally on that they may say, we are able to fund your programme.


“That is performed through stability of price help. It may additionally take time, in the case of Sri Lanka, Sri Lanka announced they were going to the IMF and nowadays, they haven’t finished the process,” he advised TV3 in an interview on Friday July 1.


The Finance Minister Ken Ofori-Atta has been informed via President Nana Addo Dankwa Akufo-Addo to commence engagements with the Fund.


This followed a telephone communique between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.


The Ministry of Information introduced this in a statement on Friday July 1.


Several analysts have expressed their views in this count.


For instance, a Former Finance Minister Mr Seth Terkper has asked stakeholders to now pay precise interest to the nature of proposal that the government can be submitting to the IMF.


Mr Terkper indicated that the engagement isn't always going to manifest overnight.


It will take quite someday earlier than conclusions are made, he stated.


“The Funds have been really there and this is when we probable we may want to have long past earlier. I suppose that it's miles important to know that we're in which we're and therefore we are able to awareness at the notion that government can be giving to the Fund. It isn't a one week element, government will in reality, can also should make proposals,” he informed Paa Kwesi Asare on the News 360 on TV3 Friday July 1.


In the view of Mr Terkper, the choice to visit the Fund could have been made tons in advance.


“I do trust the feelings that we ought to probably, have long past to the Fund plenty in advance and the scenario could now not have worsened,” he stated.


The Dean of the Business School on the University of Cape Coast, Professor John Gatsi stated that the selection to return to the Fund is an indication that the programmes and measures mentioned through the authorities to address the monetary demanding situations aren't strong sufficient.


It also means that the control of the economy has been hard for the government, he added.


Speaking in an interview with TV3’s Komla Adom on the mid day news Friday July 1, Prof Gatsi stated “The choice is apparent to anyone that Ghana is heading closer to the IMF, officially from the President after which authenticated through Minister chargeable for Information.


“It has implications, the implication is that the management of the economy has turn out to be very hard, our programmes are not powerful enough to cope with the demanding situations consequently we need credibility for our programmes, we want self belief to manage our financial system and that self belief is not coming from the programmes and strategies of the authorities and that, the authorities believes that confidence to control the economy can be procured from the IMF.”


A Deputy Minister of Finance, Mr John Kumah said an IMF programme might help the u . S . A . To pop out from the monetary demanding situations quicker.


He stated the government hopes that the programme will benefit the u . S . A ..


“Our objective as authorities is to restore self belief within the economic system and rebound it from the problem, from the challenges, no longer handiest in Ghana however nearly all economies round the sector.


“We agree with that wherein we stand now, an IMF intervention will assist us come out quicker than we could. We desire that it's going to advantage the u . S . A .,” he informed TV3’s Komla Adom on the mid day news on Friday July 1.

Content created and supplied by: Dr.William (via Opera News )

IMF Institute of Statistical Peter Quartey University of Washington

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