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Finance Ministry Reacts To False Claims About IMF Negotiations

The Ministry of Finance has reacted to what it calls false claims about the ongoing negotiations with the International Monetary Fund (IMF).


According to the Finance Ministry, some of the false claims claim the negotiations are not going well since the Fund has not seen any seriousness on the part of the Akufo-Addo led government.


In a statement sighted by Thinknewsonline.com it said "These include; the government does not have a programme for consideration by the IMF and Officials of the Fund have discovered inaccuracies in the macroeconomic figures presented by the government's Economic Management Team.


The Ministry debunked the allegation saying it is untrue.


"The IMF itself has on numerous occasions stated unequivocally that negotiations are progressing well, and affirmed that both parties are fully committed to reaching a deal as soon as feasible"


Background

On the IMF Press Release Issued 7th October, 2022, it said "We had constructive discussions on policies aimed at restoring macroeconomic stabilit Staff express their gratitude to the authorities, and other stakeholders in Ghana for their constructive engagement and support during this mission.


The Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.


“We made good progress in identifying specific policies that would restore macroeconomic stability. ... The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported program as soon as feasible.”

 

The Ministry also refuted a claim that the government it not have a program for consideration by the IMF.


The Finance Ministry noted that the government has submitted its Post-COVID Programme for Economic Growth to the Fund, which programme has formed the basis of negotiations. We refer the public to the IMF’s Press Statement dated 20th October, 2022.


The statement stressed saying Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID program for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.


"Most regrettably, such unfounded and misleading statements undermine national efforts when introduced into public discourse. We caution that such falsehoods contribute to the erosion of stability in the Ghanaian economy, and could unduly hold back the strong progress of negotiations so far"


Story by: Joshua Kwabena Smith


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