Ghana needs IMF now; don’t exit – Seth Tekper to gov’t

Former Finance Minister, Seth Tekper, has warned that there could be major economic consequences should Ghana exit the International Monetary Fund (IMF) programme.

Ghana needs IMF now

Ghana entered the IMF’s Extended Credit Facility programme in 2015, but is now set to exit on April 3 this year.

Mr. Tekper believes the country will be better served continuing with its programme with the Bretton Woods institution.

According to him, the IMF has the solution to Ghana’s current faltering economic fortunes, which has seen the cedi fall to a record low.


“What we are facing now is the precise moment the IMF comes and provides foreign exchange. We may be losing that opportunity [if we exit],” the Finance expert told Joy News.

He said the government must rethink its decision to exit the IMF programme, insisting it would be unwise to “exit completely.”

This comes after President Akufo-Addo affirmed that Ghana will not return to the IMF for support after the country exits the programme next month.

Delivering his third State of Nation Address, the President said fiscal discipline is key if Ghana is to avoid returning to the IMF for the 17th time.

He said his government will not be careless to repeat the past actions that led to Ghana returning to the IMF.


He explained that things will be done differently, henceforth, adding that legacy debts will be paid in order to boost business confidence.

“We’ve just concluded the program with the IMF and with continued discipline, we shall sign off from the deal in April,” Nana Addo reiterated.

“This is the 16th time Ghana has had to go to the IMF in its history. Mr. Speaker, we cannot make the progress we all desire unless we are consistent and disciplined in the management of our economy. We have gone through another round of painful impositions to get to where we are today with healthy fundamentals.”


Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or: