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IMF negotiations are not going well – Kwame Pianim

The negotiations between Ghana and the International Monetary Fund (IMF) are not going well, according to renowned economist Kwame Pianim.

He claims that the Fund wants President Akufo-Addo to officially acknowledge that the nation’s economic trajectory is in a serious crisis and needs assistance.

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He said the IMF is anxiously awaiting the President’s firm announcement before providing support.

“The talks with the IMF are not going well. I am positive about this. The president needs to make a big, credible announcement like he did regarding [the] COVID-19.

“The President said I take full responsibility. I am in charge and I am going to make sure that Ghanaians are protected from [the] Covid-19. We need the President to own the crisis. “To come out and say ‘there is nothing that I will not do to stabilise the economy of Ghana to stop this pressure and the economic crisis that is looming and that there are no sacred cows,’” he said in an interview with TV3. When asked how he knows about the IMF negotiations, Mr Pianim said: “It is my business, to keep my ears open. I am a Ghanaian, and I am interested in the economy moving in the right direction. [And] we have friends in Washington so what I am saying is that it is not going well.”

In order to ensure that the economy recovers, he added, the government must analyze each and every government program.

The economic crisis in Ghana has been abating for some months. In response, the administration requested the IMF’s assistance in July.

The opposition maintains that the crisis was caused by economic mismanagement brought on by careless borrowing and wasteful expenditure, even though it has placed some of the responsibility for the crisis with the Covid-19 aftershock and the Russia-Ukraine war.

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