If the current domestic policy fails to restore economic stability and investor confidence, the government may seek assistance from the International Monetary Fund (IMF).
According to Dr. John Kumah, Deputy Minister of Finance, an IMF program will be pursued if necessary.
This comes at a time when the government has been chastised for failing to take the brave step of joining a Fund program to correct the economy’s imbalances.
“If [revitalizing the economy] becomes impossible, then that is the only option for saving our economy.” But, from where we are now, we believe we are in a position to either save the economy or try our domestic approach.”
“We don’t have a choice if our programs fail us and we are unable to gain the trust and results in the fiscal space discipline that we must impose on ourselves,” the Deputy Finance Minister stated.
Going to the IMF, he claims, is not about politics, but there will be no need to discuss going to the IMF for a program at COVID-19.
“When it comes to the economy, it’s not about politics.” But there’s no way we should be talking about the IMF at COVID-19,” he continued.
“We witnessed how the economy was performing so well when President Akufo Addo picked this economy and started increasing it at an average of 7%,” he explained.
