IMF bailout will be counterproductive – Gyan-Baffour

Business News of Friday, 20 February 2015

Source: Starrfmonline.com

George Gyan Baffour

A former deputy finance minister Prof. George Gyan-Baffour has advised the Mahama-led administration to cease the financial bailout talks with the International Monetary Fund (IMF).

According to him, any arrangement with the Bretton Wood institution will be counterproductive to the country’s development agenda.

Ghana expects a bailout programme with the IMF to be ready by April this year. The West African country approached the Fund for assistance after its currency – Cedi – plunged by almost 40 percent in the first three-quarters of last year.

President John Mahama has said he is confident the programme will take the country out of its economic crisis.

But speaking to Citi FM Friday, the Wenchi MP said government must rather concentrate on home-grown measures in dealing with the economic challenges.

“We have a problem but you don’t manage that problem by panicking, and I think the government is panicking.

“ I don’t believe we need to go in for that bailout, I think that we have to manage the thing by ourselves.

“When they (IMF) come, they will come and tell you things you don’t want to do, and when you do, you can run your country down,” he stated.

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