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Ghana won’t be able to secure IMF deal on time - Terkper

March 22nd 2023, 11:55:50 am

A former Minister for Finance, Seth Terkper has opined that it may be difficult for Ghana to secure an International Monetary Fund (IMF) deal by the end of March.

Former Finance Minister, Seth Terkper.

According to him, from experience he believes the government’s ambition of getting an agreement with the IMF for financial support cannot be achieved by end of March 2023.

In an interview with Starr FM, Mr. Terkper explained that Ghana has set an outstanding obligations and targets it must meet before the board level agreement can be approved.

“As far as I know and from experience it may be difficult and the reason is, in that communication there are conditions which involve the Domestic Restructuring and the External Debt Restructuring. We know that we have come to sign an agreement with the domestic debtors.

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“Now as far as I know, with the external, we are in a negotiation with the Chinese and there isn’t any communication yet, I stand to be corrected with respect to other external creditors,” the former Finance Minister stated.

He continued: “Notably those institutions who formed the committee if you recall with respect to our external bonds. So a precondition for a debt restructuring I don’t think that we are within the eleven days from what I know of accomplishing it.” .

Meanwhile, economist Stephen Adei has attributed Ghana's current economic state to incessant borrowing without the capacity to repay.

The former Ghana Revenue Authority (GRA) Board Chairman noted that this development is what has become an albatross around President Akufo-Addo’s neck.

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“I think the biggest mistake they made is that they borrowed beyond our capacity to service it,” he said.

He made these comments on the sidelines of the Signature Market Pre-launch campaign at the Kwame Nkrumah University of Science and Technology (KNUST).

Evans Effah
Evans Effah is Editor at Pulse.com.gh. He is a digital journalist, with interest in politics, business and sports. He has over 6 years experience in journalism.

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