Ranking Member on Parliament’s Finance Committee, Casiel Ato Forson has urged government to sign up for support from the International Monetary Fund (IMF) immediately.
Speaking on JoyNews’ The Pulse on Thursday, he said the “government should take a decision that would preserve the bright prospects of this country.”
“Let me add my voice and say that the government has no choice. Where we find ourselves, there is the need for the government to take a critical decision. The decision may be difficult but in the end it will be in the interest of the country,” he said.
According to Dr. Forson, “where the country is heading towards, clearly, it looks like we are going to have an accident on the way.”
The Economist explained what he meant by accident, “the way the economy is being run, the levels of our debt, the rate at which inflation is going up, the rate at which our cedi is depreciating and we are losing so much reserves in a very short period of time. Clearly, everything points to an accident that is about to hit us as a country and I am urging the government to stop that accident by signing on to the IMF.”
But the government is against the suggestion. According to the Finance Minister, Ken Ofori-Atta, a bailout from the IMF is not in its plans.
However, government will resort to “homegrown” alternatives to boost the economy.
“I can say; we are not going to the IMF. Whatever we do, we are not… So let’s think of who we are as strong proud people, the shining star of Africa, and we have the capacity to do whatever we want to do if we speak one language and ensure that we share the burden in the issues ahead,” he said.
In response to the homegrown option, Dr. Forson stated that the government would have to show evidence that the homegrown product would work.
He, however, stated that evidence provided from 2020/2021 suggests that government does not have the political will to implement a homegrown policy that would indeed reverse the fiscal imbalances.
Meanwhile, the International Monetary Fund (IMF) has indicated that it is ready to extend support to Ghana if the request is made.
Against this backdrop government is expected to hold a crunch cabinet meeting to find solutions to the raging economic challenges.
The meeting is expected to take place at the Peduase Lodge, from Thursday, March 17, to Sunday, March 20, 2022.
The deliberations will be chaired by President Akufo-Addo, together with all NPP MPs, ministers, government appointees, and the governing New Patriotic Party (NPP) leadership.
- Celebrities, luxury cars flood social media as Kwame Despite sparks reaction with birthday
- New Jersey Councilwoman Eunice Dwumfour shot dead outside home in ‘despicable criminal act’
- West Hills Mall death: Shop manager remanded
- There is no biometric record of Victor Kusi Boateng in our database – NIA tells Ablakwa
- I feel pain after sex with my husband of 9 years, I don’t know how to tell him – Emotionally troubled woman
- NIA’s statement affirms issuing Ghana Card in the name of Kwabena Adu Gyamfi – Ablakwa
- Military officers rescue NEDCo staff locked up for disconnecting UDS from power supply
- Growing list of companies ordered by GRA to pay back-taxes
- Bawku is a complete war zone – Security analyst
- We ‘neutralised’ 6 armed men in Bawku – GAF on allegations of killing 7 locals
- GOIL attributes drop in diesel price to Gold for Oil barter deal
- NPP likely to hold presidential primaries in November
- Designer Paco Rabanne dies aged 88
- Nigerian singer Oxlade fined ₦5m over leaked sex tape
- Newmont Africa’s Akyem mine pays ¢184.6m as dividends to government
- Government urged to engage tenants more on National Rental Assistance Scheme
- January 2023 performance reflects investor sentiments – GSE
- New Porsche mistakenly put on sale at bargain price
- Yaw Dabo apologises for ‘lazy people watch movies’ comment
- Shatta Wale agrees for a collaboration with Pheelz’s on ‘Stand by you’
- Heart of Lions edge pass Akatsi All Stars to secure 3 vital points
- Communities to be rewarded for planting trees to reduce carbon emissions
- ‘Focus on God, attacks on pastors, ministries to be expected’ – Elvis Agyemang urged
- Enimil Ashon: Covid fund audit – NPP must demand a probe
- Diana Hamilton reveals why she won’t talk about National Cathedral