There are still ongoing discussions on Ghana’s decision to go to the International Monetary Fund. The IMF officials are expected in the country today with negotiations kick starting tomorrow. It will be interesting to see how negotiations go as it is never easy trying to strike a deal with the financial institution. President Akufo-Addo and Ken Ofori Atta however hope to get a favorable deal for Ghana.
Evans Mensah, Head of the Political Desk at Joy News however feels it will not be easy as the IMF will consider Ghana’s ability to cooperate with it. Before they choose to help, they will have test the programme that the government wants to implement to recover. This is a country where about 70% of revenue goes into payments and loans servicing. In 2015 when it was 56% the IMF nearly walked out.
According to Evans Mensah, Ghana has received a total of about $1.96 billion for the 16 times that the country has gone for help. This is interesting because Ghana also received a whooping sum of $2.4 billion as support to fight Covid. This means Ghana spent 1.96 billion in 16 years and 2.4 billion in just 2 years. Evans explains that it is a mystery as to how come this happened. “What then Is Ghana going to do with the monies to be received and how much is Ghana expecting since 2.4 billion wasn’t enough? Evans Mensah queried
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