Former Managing Director of the Stanbic Bank, Alhassan Andani says, Ghana resorting to the International Monetary Fund (IMF) only means the country is spending more than it generates as revenue.
Mr. Andani sharing his view on Business Focus with Paa Kwesi Asare on TV3 said, the IMF are not going to do anything extraordinary.
According to him, the IMF is only going to be able to tell us what we have failed to tell ourselves which is spending more than we generate as revenue.
He said, this is something we should have had the strength to deal with which would not have required the IMF.
“We have to have adult conversations, whether you are a political party, with the electorate before you are elected and when you are in power, have adult conversations.
“All the interventions that we bring the IMF or other bilateral to tell us, nothing new, it is just that none of us have had the strength of character or conviction to say what IMF will come and tell us. All IMF will come and tell us is that, your fiscal which is your expenditure is far ahead of your revenue. Does it take you, as a landlord to understand that if you have disposable income of a Thousand Cedis you shouldn’t be going to the market to spend Two Thousand Cedis? he quizzed.
“That is exactly what is happening. We have fiscal regimes which totally mismatch expenditure revenue consistently. It is because we promise things that we have not gotten the capacity to generate taxes to make.” he added.
Ghana is seeking a programme under the Fund to deal with the current economic challenges
The Managing Director of the IMF Kristalina Georgieva stated that a deal between Ghana and the IMF should be reached and finalized before the end of the year.