Audio By Carbonatix
A former Attorney-General and Minister of Justice, Dr Obed Asamoah believes a bailout from the International Monetary Fund (IMF) is the way to go to get Ghana out of its current economic state.
The country is facing huge financial distress, a falling currency among a plethora of other issues that are taking a toll on government and the citizenry.
The Bank of Ghana, in its January 2022 Monetary Policy Report, said the stock of public debt was equivalent to 78.4% of GDP at the end of 2021, compared with 76.1% of GDP at the end of 2020.
The country’s total public debt stock stood at about ¢344.5 billion as of November 2021.
Government says it is rolling out a number of measures including the introduction of the controversial E-Levy to shore up the revenue to meet the country’s needs.
But Dr Obed Asamoah insists these interventions will come to naught if a bailout from the IMF is not considered.
“I wish we didn’t have to go to the IMF… but where we are now, I think we have to. They will lower our size in terms of expenditure and day look, you can only manage so much," he told JoyNews.
On the Electronic Transfer Levy (E-Levy) the statesman urged the government to abort the idea of securitising it adding that it will only incur more debt for the country.
He urged that government rather cuts down on expenditure and stays "more realistic about what is possible and what is not."
Meanwhile, government held a cabinet meeting over the weekend at Peduase in the Eastern Region to find solutions to the hard economic difficulties, including the persistent rise in the prices of goods and services, rising fuel prices and the fast depreciation of the cedi.
In the coming days, President Akufo-Addo, Finance Minister Ken Ofori-Atta and other ministers will provide details on which sectors will experience expenditure cuts.
However, the Finance Minister has already ruled out any possibility of returning to the IMF.
Latest Stories
-
Gov’t will always protect and support Ghanaians abroad – Ablakwa
19 minutes -
“Don’t be depressed, have confidence” — Ablakwa encourages evacuees from South Africa
21 minutes -
26 Ghanaian prisoners among first evacuees from South Africa — Ablakwa
31 minutes -
Angry youth set properties ablaze after a shooting incident at Deti in Volta Region
55 minutes -
GAUA-KNUST adopts a constitution, introduces electoral reforms
1 hour -
‘The Corporate Code’ launched to groom, nurture fresh graduates for corporate career
1 hour -
Man Utd closing in on £38m Ederson deal
1 hour -
Lands Minister spearheads 800-acre reclamation drive in Nkroful to reverse galamsey damage
1 hour -
Fernandez wants Chelsea exit but club would demand £120m
1 hour -
Ghana FA strengthens future of Black Stars with successful UK Talent Engagement Programme
1 hour -
Ghana Islamic Multicultural Association in Berlin marks Eid-ul-Adha prayers at Tempelhofer Feld
2 hours -
First batch of Ghanaians fleeing xenophobic attacks in South Africa arrive in Ghana
2 hours -
Upper West Minister joins muslims in Wa for Eid al-Adha prayers
2 hours -
TOR receives one million barrels of ‘Bonga Crude’ for refining operations
2 hours -
National Chief Imam commends President Mahama for key development initiatives
2 hours