Dr Kwesi Botchwey to lead Ghana’s IMF bailout talk

• Posted on September 8, 2014September 8, 2014
• by Nana Kwesi Coomson
• Comment

A former Finance Minister Dr Kwesi Botchwey is expected to lead  Ghana’s economic team that will enter into negotiations with the International Monetary Fund (IMF) on a bailout program.

The talks are expected to take of next week Tuesday September 16,2014.

Dr Botchwey was recently nominated by President Mahama as chairman of the National Development Planning Commission (NDPC).

Dr Botchwey who is currently the Board Chairman of the Ghana National Gas Company, was Ghana’s longest serving finance minister after he became the PNDC Secretary for Finance and later Minister for Finance and Economic Planning following the transition to constitutional rule in 1992.

It is expected that is deep knowledge and experience in finance and matters of the economy will lead to a solid deal with the IMF.

Ghana is seeking an IMF deal which is expected to help deal with its current economic challenges including high inflation, a huge budget deficit and a currency which this year alone has depreciated by more than 30 percent.
According to President John Mahama , the purpose of pursuing an IMF deal is not simply to dig the country out of a short term fiscal hole.

But also to enable government, to work  with the IMF, the World Bank and the African Development Bank on an ambitious set of institutional reforms, to alleviate poverty and spur job creation through the private sector.

Government hopes to reach an agreement with the IMF by November this year.

By:  Rabiu Alhassan