By Nana Ama Gyapong
The Minister for Information, Kojo Oppong Nkrumah, has noted that going to the International Monetary Fund (IMF), will not solve all economic challenges in the country.
According to him, there are things in the broader economy to ensure growth but the IMF fund program will deal with the first two pillars which will help the monetary and fiscal policy targets.
“There are many other things in the broader economy that you have to deal with. So first point is that what you are going for will not solve all your economic problems.”
His comment comes following Ghana’s decision to seek an IMF bailout and expectations that the engagement will solve the many challenges confronting the Ghanaian economy.
Speaking on GTV Breakfast Show, the Member of Parliament for Ofoase Ayirebi, said the fund will not solve all problems.
“So first point is that what you are going for will not solve all your economic problems. We need to be frank with that so that you also don’t build a certain expectation that then the moment you go for a fund program all your problems are solved. No. You have other things in the Ghanaian economy that you have to do to ensure that the economy grows, expands, people get jobs, people get incomes, or as much development as you can,” he stated on Wednesday, July 6.
He further stated that government has already taken moves to raise revenue.
“What the fund will ask you is that what are you going to do to ensure that you raise more revenue, tone down on some expenditure, and therefore reduce debt burden translated from your financing needs? You as a country need to first put on the table some things that you are willing to do to raise revenue and to better manage expenditure. Already on the revenue side, government has taken the first move. We have got the Electronic Transaction Levy.”
Kojo Oppong Nkrumah added that the Fund will take pressure off the economy.
“Our burden is going to be relieved moving forward by first of all taking off pressure on the fiscal and monetary side and paying some more attention to investing in the real sector of the economy—agriculture, industry, services, infrastructure—and engaging better with the players in these areas to deliver relief to our people.”
The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries.
It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.
