You are here: HomeBusiness2022 02 24Article 1476638

Business News of Thursday, 24 February 2022


Government’s 'refusal' to get IMF support due to accountability – Economist

Renowned Economist, Nii Moi Thompson Renowned Economist, Nii Moi Thompson

Government insists on E-Levy to fill revenue gaps

Economist accuses government of shying away from IMF support

IMF support to come with terms and conditions – Nii Thompson

Renowned economist, Nii Moi Thompson, has accused government of shying away from seeking financial support from the International Monetary Fund.

He believes the current administration is doing due to possible scrutiny of Ghana’s COVID-19 expenditure.

Making his submission on Citi TV’s Point of View programme on Wednesday, February 23, the economist described government insistence on the Electronic Transaction Levy as ‘a last gap’ measure to sustain the economy.

“It is simply mind-boggling the amount of money we have had before COVID and during COVID. They [IMF] are now lurking in the shadows waiting for us to go to them and the number of conditions that they are likely to put on the table, that is probably why our government is reluctant to go,” he was quoted by Citinewsroom.

He continued, “If they [Government] were to go to the IMF, the IMF is going to insist on auditing COVID expenditures because they won’t come and give you money without looking at what you did wrong.”

The renowned economist further opined that if government backs down and seeks assistance from the IMF, it may come with strict terms and conditions.

“They may even insist that it be an outside audit company because of the way we treated the previous Auditor General,” Nii Moi Thompson added.

Meanwhile, as part of efforts aimed at tackling the coronavirus pandemic, the World Bank has confirmed it granted Ghana US$430 million and US$1 billion in Special Drawing Rights from the IMF.