Director of Research at the Institute of Economic Affairs, Dr. John Kwakye, has expressed worry about the snail pace of negotiation between the government and the International Monetary Fund (IMF) for an economic programme.
According to him, the delay and uncertainty are fuelling speculation and panic in the investor community, causing continued damage to the cedi, describing it as unacceptable.
“The IMF is moving at a snail’s pace in negotiating Ghana’s programme, as if nothing is at stake. The delay and uncertainty are fuelling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!” he tweeted.
Dr. Kwakye who once worked with the Fund also accused the government as the main beneficiary of the huge cedi depreciation in the form of increased cedi-valued import taxes and oil proceeds.
“Government is a major beneficiary of the huge cedi depreciation in the form of increased cedi-valued import taxes and oil proceeds”.
He continued “sadly, the economy is being run aground. Government doesn’t have money to meet its obligations. Ghana has one of the highest inflations in the world. The cedi is one of the worst performing currencies. Our debt is rising to pre-HIPC levels. And yet our economic managers stand aloof.”
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