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Economy of Ghana Akufo-Addo’s government can manage economy without IMF – Yofi Grant

The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Yofi Grant, said the Akufo-Addo-led government is determined to build a Ghana beyond aid.

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Yoofi Grant, Executive Officer of Ghana Investment Promotion Centre (GIPC) play

Yoofi Grant, Executive Officer of Ghana Investment Promotion Centre (GIPC)

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The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Yofi Grant, has said that Ghana’s economy will not be in shambles if it does not receive support from the International Monetary Fund (IMF).

In an interview with Accra-based Citi FM, Grant said the Akufo-Addo-led government is determined to build a Ghana beyond aid.

He added that the current government will do it can to ensure the economy of Ghana becomes a robust one.

READ ALSO: I’m not afraid of Special Prosecutor – Donkor

“With or without the IMF, I can confidently and comfortably say that here is a government and a Ministry of Finance which says with or without the IMF we are going to do the right things to put the economy on a trajectory of sustainable and irreversible growth. That is going to be challenging, and we will do it. That is the track where we are going.”

The governing NPP allowed for the extension of the IMF program for a year. Many Ghanaians were shocked because the same party had criticised the NDC for going for the bailout.

Per the new agreement, the programme will now end in April 2019, and Ghana will receive an additional 94 million dollars disbursement.

READ ALSO: NCA shuts down ‘living room’ radio station at Dansoman

Some analysts say the NPP’s audacious social intervention programmes will adversely be affected because the IMF frowns on such initiatives.

Meanwhile, editor of the Financial Post newspaper, Toma Imihere, told Accra-based Citi FM that government has defied some of the IMF’s directives.

“The government has decided to defy the IMF and adopt a fiscal consolidation pace which is actually slower than what the IMF has been insisting on in order to be able to create a certain level of growth. The IMF attitude has been just to fast-track the fiscal consolidation and get back on an even key. This government has decided that if you try to do that, by the time you’ve achieved your stability, you don’t have any industry or economy left. And I’m happy that the government has taken that decision.”

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