Posted: Monday 4th August 2014 at 14:06 pm

Relationship with IMF does not mean we are clueless and incompetent – Kwakye Ofosu

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Deputy Communications Minister, Felix Kwakye Ofosu says the decision to opt for the International Monetary Fund (IMF) bailout does not mean the government is at a loss as to how to handle the economy.

Speaking on Adom FM morning show ‘Dwaso Nsem’ Monday, Mr. Ofosu said, ‘our relationship with the IMF does not mean our economy has been mismanaged or we are in crisis.

“The government is on course to solve all problems facing the economy; the government is not incompetent and clueless’.

He said the only problem the country is currently grappling with is the depreciation of the cedi and that is the reason for the opening of negotiations between government and the IMF.

President John Mahama over the weekend directed that immediate initiatives should be taken to open discussions with the IMF and other development partners in support of Ghana’s programme for stabilization and growth.

The decision was made after the president met with the Presidential Advisory Team on the Economy on 1 August, with discussions focused on measures aimed at restoring macroeconomic stability, promoting growth and improving the lives of people.

However, the decision taken by government has not been received well by the public with some describing the move as one that shows government’s inability to solve issues concerning the ailing economy.

Others have said conditionalities accompanying the bailout will see an increment in fuel prices and job cuts in the public sector.

But the Deputy Minister said government is making moves to prevent any of the conditionalities from adversely affecting the lives of the Ghanaian.

He explained, upon reaching middle income status, Ghana became ineligible to enjoy certain packages it used to enjoy when the economy was in lower income status.

This he says has made the government to go in for loans more than expected but insists that the loans are being used to ‘develop the country and improve the lives of the ordinary Ghanaian’.

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