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<\/div>\nAssociate Professor of Development Economics at the University of Ghana, Professor Ebo Turkson, has said without successful implementation of the\u00a0debt restructuring program, there will be no funds from the\u00a0IMF.<\/p>\n
His comment comes on the back of Ghana reaching a\u00a0staff-level agreement\u00a0with the IMF on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.<\/p>\n
The authorities\u2019 strong reform program aims at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery.<\/p>\n
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Commenting on the development on\u00a0Starr FM,\u00a0Prof Turkson appealed to investors and the general public to support the implementation of the debt restructuring program to enable government secure the IMF funds.<\/p>\n
\u201cIf the board doesn\u2019t approve of the reform then we will not get the support and that is just straightforward. Because it\u2019s a major component of the reform at this level. So if we are not able to conclude the other side of the bargain in terms of the investors agreeing then it\u2019s not going to come off.<\/p>\n
\u201cWe need to be aware and it should be made clear that we need this IMF program to get our economy back on track. So it is important that as both the government and investors negotiate, we all have to make sacrifices,\u201d he stated.<\/p>\n
He further explained all things being equal if authorities are able to fulfil their part of the bargain then the loan from the Washington-based lender might be released in February.<\/p>\n
\u201cIn the best case scenario if we are able to complete the debt restructuring, not only the domestics, don\u2019t forget there is the external debt restructuring that is coming off. <\/p>\n
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