'IMF Deal Won't Solve All Of Ghana's Problems' - Dep. Information Minister Says

Deputy Minister for Information, Fatimatu Abubakar says the $3 billion loan from the International Monetary Fund (IMF) aimed at Ghana's economic recovery is not going to solve all of the nation's problems.

According to her, the IMF programme is to provide the necessary reliefs to Ghanaians by helping government to roll out her programmes that will benefit the country but not that the money will make all of Ghana's problems go away.

Speaking in an interview with Kwami Sefa Kayi on Peace FM's "Kokrokoo", the Deputy Minister however noted the conditionalities attached to the loan facility will have no adverse impact on Ghanaians.

"Honestly, the IMF programme won't solve all Ghana's problems...At the end of the day, if we all, as citizens, and government including SOEs execute our duties effectively; I believe the IMF conditionality won't have any effect on us."

The IMF money which is spread over 3 years as the money will be given in seven tranches with the first tranche being the 600 million dollars already received by the Bank of Ghana for its intended purposes, to Hon. Fatimatu Abubakar, will help the government to undertake social protection programmes to cushion the citizenry and also to beef up the energy sector among other things.

She was optimistic the IMF bailout is good for the nation, contrary to views that it will impact the country negatively.

"In a quarter, inflation in Ghana has dropped between 53 to 41 percent. There is the prospect that it will drop further even without IMF but now that we have the IMF, it will accelerate the drop in inflation rate as projected", she said, adding she has strong "faith that, by the time we will reach 16th April, 2026 when the IMF programme comes to an end, everyone will have the relief that there is stability and economic recovery".

Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana