According to Kwame Jantuah, a prominent member of the Convention People’s Party (CPP), the International Monetary Fund (IMF) is undecided about whether to bail out Ghana or not.
The World Bank’s Africa Pulse Report estimates Ghana’s debt to be at a frighteningly high percentage.
Ghana’s debt will increase to 104.6 percent of GDP by the end of this year 2022, up from 76.6 percent in the World Bank’s October 2022 estimate.
Speaking about IMF issues on Starr FM’s Weekly Review Segment, Mr. Jantuah predicted that the Fund would be hesitant in part due to things like the World Bank’s disclosures.
“If the World Bank finds in their calculation that our debt is not sustainable, because there are other debts that we are not adding to the national debt and the IMF is working with data. If they add those other international debts and it goes way above this over 400 billion we are not going to get a pesewa from the IMF.
“But remember the IMF is in a dilemma. I don’t think the Finance Minister should have led this negotiation. The Finance Minister tells us that he is hurrying the process so that we will get a result by November. But this cannot be hurried if the IMF does not have the requisite data they are looking for they will not hurry it. So he shouldn’t be telling us that,” Mr. Jantuah advised.
He continued: “He shouldn’t be raising our hopes because some people will go by what he is saying and it doesn’t help. At this point let’s all come down home and take this thing together step by step. It will be egg on the Finance Minister’s face if by November which he is predicting the IMF doesn’t come through.”
The CPP member further advised that the government must give itself some time for a good package for the nation with the IMF.
“Because this is the 18th time we are going to the IMF and look at all the 17 we have been there and look at what happens anytime we come out of the program. We’ve always gone back to get it again,” Mr. Jantuah added.