Even Ofori-Atta was unable to defend decision to seek IMF bailout? – Alan Kyerematen

Alan Kyerematen and Ken Ofori-Atta

Former Minister of Trade and Industry, Alan Kyerematen, has said the Minister of Finance, Ken Ofori-Atta, was nowhere to be found when the country needed help from the Bretton Wood institution - International Monetary Fund.

According to him, he was among the few people in government who defended the IMF move when Ghanaians were against it.

Speaking on UTV on Tuesday, September 26, 2023, Alan Kyerematen said, “Did you hear from the Finance Minister, having the confidence to defend it?”

“It was only me and a few people who defended it and calmed the nerves of Ghanaians,” he said in Twi.

He further said, “I brought PSI and if Ghanaians had listened to me, today Ghana wouldn’t have gone to the IMF,” he mentioned, taking a swipe at his own government, then, for taking the decision to go for bailout.

It would be recalled that the government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

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