IMF bailout alone won’t save us; cut down on expenditure – Economist to gov’t

ghanasummary.com

Dec 27, 2022 8:35 AM

IMF bailout alone won’t save us; cut down on expenditure – Economist to gov’t

Lord Mensah says the $3 billion bailout from the International Monetary Fund (IMF) will fail if government still refuses to make some cuts in its expenditure.

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On December 5, 2022, the government launched a domestic debt exchange programme which is part of a key requirement for the government to obtain an economic programme from the International Monetary Fund.

Holders of approximately GH¢137.3 billion of principal amount outstanding of certain domestic notes and bonds issued by the Government were invited to exchange their Eligible Bonds for a package of new bonds to be issued by the Government.

Lord Mensah said the IMF intervention will be fruitless less government agrees to make some cuts.

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“Government should look at what they are also going to sacrifice

If the government wants one party to sacrifice, the issue will be what are they [government] also sacrificing?”

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“We recommend that government at least changes the governance structure, ad remove some offices to ensure that we cut cost.”