Implementation of the requirements that the International Monetary Fund (IMF) will impose on Ghana would be painful, according to Joe Jackson, chief operations officer at Dalex Finance. He explained that the country would have to go through hardships to put the yet-to-be-determined conditions into place if it wanted to escape the current predicament.
In an interview with Martin Asiedu-Darteh of TV3 for the News @10 on Friday, June 1, Mr. Jackson stated that the IMF will unquestionably advise the government to reduce spending. “We all anticipate the IMF to advise big spending cuts. Where will the spending be reduced when such ideas are made?
There might be a place to start, and I am willing to cut expenses here rather than there. Some of the options might be more politically acceptable than others. Whatever it is, it will cause a great deal of suffering. There is agony involved with escaping the situation we are in right now.
He added that it must be a really terrible position for a government to eventually decide to approach the IMF after having previously said it would not. Infact, if you consider it carefully, this government understood exactly what the political repercussions of approaching the IMF would be because they had repeatedly declared explicitly that they would not do so.
They had pretended that they did not even need to visit the IMF because of the e-levy. Of course, none of this has ever occurred, so what it should teach each of us is that the situation must be awful, difficult, and unbearably difficult for us to have no choice but to accept the political repercussions.
“Today is not a day of victory for those of us who have long advocated for the government to approach the IMF; rather, today is a day of sadness because it signifies the reality of the dire circumstances,” Mr. Jackson remarked.
President Akufo-Addo instructed Mr. Ofori-Atta to begin negotiations with the IMF on Friday, July 1, after speaking by phone with Miss Kristalina Georgieva, the IMF’s managing director, to inform her of Ghana’s determination to work with the Fund. This was disclosed in a statement released by the Ministry of Information on Friday, July 1.
Link: https://3news.com/akufo-addo-going-to-imf-is-not-victory-for-persons-who-said-he-should-its-a-day-of-sadness-joe-jackson/
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