Gabby: Timing for IMF programme is right

On 1 July 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to launch formal negotiations with the International Monetary Fund

Gabby Asare Otchere-Darko, a political strategist and prominent member of the New Patriotic Party (NPP), has said that the timing is right for Ghana to seek support from the International Monetary Fund (IMF).

Otchere-Darko said the governments announcement that it is seeking assistance from the Fund has so far triggered interest from certain investors who want to return to investment in Ghana.

Speaking with Kofi Abotsi for TownHall Talk on Asaase Radio on Friday (1 July 2022), Otchere-Darko said, “I believe that the timing of us going to the IMF is just right.

“You cannot compare what compelled us to go to the IMF [in the past] to what has compelled us to go to the IMF now.”

Otchere-Darko added, “… If you doubt this then check the economic reaction to our going to the IMF today, because after the announcement some in the market want to come back and invest.”

On Friday (1 July 2022), President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to commence formal engagement with the IMF.

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said: “This follows a telephone conservation between the president and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

“The engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement added.

Watch a clip of Kofi Abotsi’s full interview with Gabby Otchere-Darko below:


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