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Business News of Monday, 13 August 2018

Source: classfmonline.com

Akufo-Addo's no-more IMF mantra apt – Economist

The decision by President Nana Addo Dankwa Akufo-Addo that Ghana will not return to the International Monetary Fund (IMF) after the end of the current programme, is a step in the right direction, Gideon Amissah, a financial analyst and economist, has said.

According to Mr Amissah, Ghana has achieved about 90 per cent of the targets under the current IMF programme, hence the West African country can permanently wean itself off the Bretton Woods institution.

He, however, said Ghana must ensure that the gains that were achieved under the IMF programme are not squandered in the post-IMF era.

Over the weekend, President Nana Addo Dankwa Akufo-Addo expressed his resolve not to go back to the IMF after the three-year IMF-supported Extended Credit Facility Programme comes to an end this year.

"We inherited the IMF programme but by the end of this year, we will be out of it," he stated.

Speaking at a Thanksgiving Mass at St. Peter's Basilica, Roman Hill, in Kumasi in the Ashanti Region on Sunday, 13 August 2018, as part of his five-day working visit to the region, Nana Akufo-Addo hoped his government and subsequent governments do not return to the IMF in future.

"We will govern ourselves correctly in the future, we’ll never have any reason to return to IMF programme," he noted.



He maintained that his government is working assiduously to achieve a peaceful and stable economy.

Nana Akufo-Addo stated that all initiatives being undertaken by his government, whether in education, agriculture or industry, “will allow us to have a stable and secure Ghana."

Speaking on this development in interview with Accra 100.5FM’s Katakyie Obeng Mensah on the mid-day news Monday, 13 August, Mr Amissah said: “This is a right decision by the president, as a country we have to wean ourselves off the IMF bailout.

“If you look at the current economic conditions in the country, you can say that we have achieved about 90 per cent of the targets under the IMF programme. Ghana has done well with the macroeconomic stability; GDP and inflation are all doing well.”

He added: “The IMF programme will end in 2019 and we must make sure that the achievements we have made under the programme are not destroyed. For instance, after 2019, we are entering election year, and, so, we have to ensure that we don’t over-spend our budget because over-spending the budget will destroy those gains.”