Baskin Africa welcome government's decision to seek IMF bailout

A Think Tank, Baskin Africa has welcomed news of government decision to seek help from the International Monetary Fund (IMF) to save the country's ailing economy.

Reacting to the widely announced information, Baskin Africa in a statement said the current economic challenges Ghanaians face were avoidable if the government was disciplined enough to listen to wise counsel from civil society and experts, prudent and ready to cut out wastage and corruption in the system.

"This not withstanding, the option to go for an IMF bailout which will among other things attach conditions that will ensure fiscal discipline, prudence, reliable tax policies, cut down on wastage and corruption, is welcomed although delayed," it noted.

Find the full statement below:

Press Release

For Immediate Release

1/07/2022

BASKIN AFRICA WELCOMES THE GOVERNMENT OF GHANA’S DECISION TO SEEK AN IMF BAILOUT.

After an extensive conversation about the current economic challenges Ghana faces vis a vis the alternatives available to avert an ultimate collapse of the economy, the Government of Ghana has finally decided to opt for an IMF bailout. This was communicated by the Minister for Information on 1st July, 2022. The government believes an IMF bailout will ensure microeconomic stability, policy credibility, fiscal discipline, among others.

In our honest view, the current economic challenges we face as a country was avoidable if the government was disciplined enough to listen to wise counsel from civil society and experts, prudent and ready to cut out wastage and corruption in the system. This notwithstanding, the option to go for an IMF bailout which will among other things attach conditions that will ensure fiscal discipline, prudence, reliable tax policies, cut down on wastage and corruption, is welcome although delayed. We, in Baskin Africa have always maintained that the government could put together same conditions the IMF will ultimately proffer for implementation and be modest enough to implement them in order to achieve same results we expect from this IMF bailout.

It is our hope that the Government of Ghana will negotiate well and be able to adhere to the conditions in order to salvage the sinking economy.

Signed

Issifu Seidu Kudus Gbeadese

(Executive Secretary)

0244198031