Seth Terkper urges gov’t to present its policy alternative to an IMF program

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Former Finance Minister, Seth Terkper has urged government to come out with alternative policies and programs that will support Ghana’s ailing economy, since it insists on not going to the International Monetary Fund (IMF) for support.

Finance Minister, Ken Ofori-Atta, last week reiterated government’s stance on not seeking a bailout from the IMF, saying government will consider home-grown solutions to deal with the difficulties because the country has what it takes to recover from the issues facing the economy.

But responding to a question by Citi Business News in a zoom interaction, Mr. Terkper noted that it is important that government accepts the situation the country finds itself in, and also considers talking to the Bretton Woods institution.

“I have had a position on the need for us to be pragmatic, accept where we are and have discussions with the IMF. But I’ve also said, that for me is mutinous, because government insists on not going to the IMF. So my point now is, give us the alternative. When we contemplated not going to the IMF, we came out with a home-grown solution.”

“Your insistence on not going to the IMF is dependent on you having your own solutions to your problem

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  1. Nana Addo government’s alternative to IMF “financial support and fiscal credibility” is to apply home-based tax generating solutions which is being done now. It’s time for the Blackman to think outside the box for once and show that we can also manage our own affairs. All economies around the world including Europe are currently suffering from the effects of the Covid pandemic and the Russian/Ukraine war. Let the Europeans also go to IMF. I had expected this NDC failure to rather come out with a “better” alternative instead of their usual IMF borrowing.


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