The International Monetary Fund (IMF), according to a ranking member of the Parliament’s Privileges Committee, is devloping cold feet over the government’s request for a bailout.
In an interview with JoyNews’ The Pulse on Monday, George Kweku Ricketts-Hagan revealed that the delay in the IMF team’s visit to the nation is what led to his claim.
They were meant to arrive here a while ago, but they never showed up. You may infer from the fact that they just showed up that they are losing heart.
They don’t want to get married to us, but for some reason—I’m not sure if it’s out of pity or anything else—they still want to get married to us, he added.
Mr. Ricketts-Hagan pointed out that the Finance Minister’s original decision to forego seeking IMF help is also a contributing element.
He also mentioned President Akufo-plea Addo’s to the majority of MPs to allow Finance Minister Ken Ofori-Atta more time to reach an agreement with the IMF before he is fired.
This, in his opinion, suggests some level of uncertainty in the execution of the IMF arrangement.
“…The person you are negotiating with might not be the person who will end up implementing what he is agreeing on. So what about if a new Finance Minister comes in and says the deal is not a good one, therefore he needs to renegotiate it, where does that lead you?” he queried.
The International Monetary Fund (IMF) and Ghana will come to a staff-level agreement by the first quarter of 2023, according to Fitch Solutions.
As a result, the nation may be granted a program by the Fund by the end of the first quarter of 2023 or the second quarter of 2023.
A staff-level agreement between the government and the Fund might be reached by the end of 2022, according to certain economists and analysts, opening the door for a program by the first quarter of 2023.
But in its latest paper on “Division within Ghana’s Ruling Party to Weigh on Political Stability”, the international research firm also said should the Finance Minister, Ken Ofori-Atta, be replaced, negotiations with the IMF would likely remain largely unaffected.
“While Ofori-Atta remained opposed to an IMF bailout – we believe that he would take a more accommodative approach towards negotiations with the Fund. As such, we believe that a change of Finance Minister would most likely not impact the timeline of IMF negotiations and we would retain our view that a staff-level agreement will be reached in Q123 [quarter 1, 2023]”, it explained.







