Ghana's Problem Is Bigger Than IMF's $2 Billion Bailout - Edudzie Tamakloe

An aide to former President John Dramani Mahama and private legal practitioner, Godwin Edudzie Tamakloe says Ghana's financial problem is bigger than the IMF's 2 billion dollar bailout.

According to him, the country is saddled with debt and that the IMF's proposed money to cushion the economy won't last.

Speaking on Okay FM's 'Ade Akye Abia' programme, he explained that the country will continue to go spiral further down if the government does not take pragmatic measures to cease the excessive borrowing and cut further the expenditure of the government machinery.

"Interest on Ghana's debt currently stands in excess of over 50 billion dollars so how is the country going to manage with the 2 billion dollars bailout from the IMF?" he quizzed.

He reiterated that government's decision to seek help from the IMF is not a bad idea. In fact it will help the country to stamp its feet and lessen the hardship Ghanaians are going through due to the poor policies and excessive borrowing the "we have the men" government has caused.

"The hardship this country is going through is self inflicted. It can never be blamed on the Russia-Ukraine war this government is making us believe. A government that decided to rely on borrowing to do everything had lost focus and direction," he said.

Government should reduce spending and introduce pragmatic measures that will check that will put state institutions into check and not make than spend frivolously, he suggested.

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IMF team arrives today - Led by Mission Chief

A high-level delegation from the International Monetary Fund (IMF) will arrive in the country to start discussions with the government on how to support the country out of its current economic challenges.

Mission Chief, Carlo Sdralevich, will lead the team of senior officials of the fund from its head office in Washington, DC, United States of America (USA).

The team will also include the Country Resident Representative, Dr Albert Touna-Mama.

The delegation will commence in-person meetings with the government tomorrow in connection with the country’s quest for an IMF-backed programme.

On Ghana’s side, the President, Nana Addo Dankwa Akufo-Addo, will lead a task force of economists, ministers and advisors, while the Ministry of Finance (MoF) will put together a team of economists, finance and social technocrats for the discussions.