IMF bailout: Dr Kwabena Duffuor on standby for Prez. Akufo-Addo’s call

• Posted on July 8, 2022July 8, 2022
• by Nana Kwesi Coomson
• Comment

A former Finance Minister in the erstwhile Mills administration, Dr Kwabena Duffuor, says he’s ready to support the government’s bid to seek a bailout from the International Monetary Fund (IMF).

Dr Duffuor said his readiness to assist the government to present a good programme to IMF is for “God and country”.

He made the comment in an exclusive interview on Asempa FM’s Ekosii Sen programme Wednesday.

The former Finance Minister’s comment comes as the government begins negotiations with IMF officials on a possible programme.

The IMF lending to Ghana will be for balance of payments support that is expected to shore up Ghana’s international reserves.

An IMF-supported programme is expected to provide technical assistance to the government to come out with strategies to improve internal revenue mobilisation.

Dr Duffuor, who also took Ghana to IMF under late former President Mills, said he will be happy if consulted by the government.

He cited how in his time, the then government presented its own home-grown policies and received huge financial support from IMF to revive the economy to buttress his point.

Dr Duffuor, who is also a former Governor of the Bank of Ghana, is certain that going to the IMF is the best bet for the Akufo-Addo administration.

“We go with a good programme and IMF gives us money, the cedi will stabilise, inflation will go down and will give enough money to pay all the outstanding debts,” he added.

He, however, warned that the programme could worsen the plight of Ghanaians if the government fails to present a good programme which will attract fewer conditionalities.

As a patriotic citizen, Dr Duffuor said he was on standby to support the government if contacted to help.