The Minister of Information, Kojo Oppong Nkrumah, has brushed aside concerns that negotiations between the government of Ghana and the International Monetary Fund (IMF) is moving at a snail’s pace.
According to the Ofoase-Ayirebi Member of Parliament, it usually takes between six and nine months to lock up a deal with the Fund and government is working as fast as possible to satisfy all requirements.
Oppong Nkrumah addressed criticisms of the government whilst speaking on the sidelines of the ongoing World Bank/IMF meeting in Washington DC in the United States of America.
Speaking in an interview with TV3’s Paa Kwesi Asare, Oppong Nkrumah said: “It usually takes about six to nine months to close an IMF programme, the history is there for many other countries, it is not something you can close in a day.
“We acknowledge that it needs to be done with dispatch, the President himself has spoken to the Managing Director, the Finance Minister has engaged with the Managing Director, the Mission has been to Ghana and those discussions are going on but there are steps you have to go through. In fact, throughout the day today, the Honourable Charles Adu Boahen, the Honourable Ken Ofori-Atta, they have been at the Fiscal Affairs Department and the Ghana Mission office going through the next level of negotiations,” he clarified.
“I think both sides have just issued statements a few days ago talking about how they are satisfied with how the process is going. I think at this stage, what we need to do is to ensure that the kind of data and scenario that need to be modelled are made available with dispatch and are accepted by both sides so that we can reach the timelines we are looking for,” he added.
His comment comes after the Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, expressed concerns that the IMF negotiations are moving at a snail’s pace whilst Ghanaians continue to suffer in the meantime.
“The IMF is moving at a snail’s pace in negotiating Ghana’s program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!” Kwakye fumed in a tweet.
Source: theGhanaianVoice.Com