Financial assistance: Engage America for help as plan B - Economist to government

Economist, Dr Lord Mensah, has entreated government to get an alternative strategy in place to avert any negative impact on the economy should government not be able to secure an IMF deal by end of March.

He suggested that government should consider engaging America for support to keep the country afloat until government secures a deal with the Bretton Woods Institution - International Monetary Fund (IMF).

The professor at the University of Ghana Business School's comment comes on the back of a statement made by the Minister of Finance, Ken Ofori-Atta, that the economy will crash if Ghana does not secure an IMF deal by end of March.

Reacting to it on TV3 on Monday, Dr Lord Mensah said, “Talking about not getting an IMF deal by end of March having a serious impact on the economy, I think that there should be a plan B. If we don’t get the IMF deal by end of March you should have a plan B as an economic manager."

He further said, “So for me, there should be a Plan B building up which I know very well that they may also consider. Maybe having an engagement with the Americans, taking advantage of the geopolitical conditions, and ensuring that at least we get support from the country to keep us afloat until we get a deal. For me we shouldn’t rush it we may have to look at the timing, at what point do you want to get an IMF deal?”

Meanwhile, President Nana Addo Dankwa Akufo-Addo has in the past months expressed optimism that Ghana will get an IMF board approval for the US$3 billion bailout package by end of this month, March 2023.

Ghana has already reached a staff-level agreement with the Fund in December 2022.

ESA/FNOQ