A founding member of the governing New Patriotic Party (NPP), Kwame Pianim has advised government to consider seeking support from the International Monetary Fund (IMF) to complement its recently announced austerity measures.

Finance Minister, Ken Ofori Atta has announced a raft of cost-cutting measures to save the economy including a 30% cut in discretionary spending.

But speaking at the IMANI, GIZ dialogue series on Tuesday, Mr. Pianim said it is essential the government secures IMF’s assistance in addition to the homegrown measures.

“It is like buying insurance. IMF is an insurance, it should not be that there is a stigma or shame in going to IMF.

“We put our money there, when we get external or domestic shocks we will come to you so that you give us some of the money to relief the pain,” he noted.

Meanwhile, the government has ruled out the option of going to the IMF.

Deputy Finance Minister John Kumah says the government is hopeful of generating revenue with the e levy even as they implement the cost-cutting measures.

“You cannot do any financial planning by looking at one side. As you seek to cut, you must also seek to increase your revenue measures, so that you can balance your sheet.

“That is why sometimes it is inevitable that government will have to introduce a revenue measure like the E-levy.”