Going to the IMF is not a get-out-of-jail card; our suffering will continue – Joe Jackson

Financial Analyst, Mr. Joe Jackson has cautioned that Ghana’s return to the IMF will not be a get-out-of-jail card to solve all of the country’s economic challenges.

The government on Friday, July 1, 2022, announced that President Akufo-Addo had contacted the International Monetary Fund to communicate the intention to seek help.

As a result, he had directed the Minister in charge of Finance, Ken Ofori-Atta to start engagements with the IMF for support in the midst of the troubling times.

“The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.

“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana's decision to engage with the Fund,” a press release from the Information Ministry signed by Minister Kojo Oppong Nkrumah said yesterday.

Speaking on the return to the IMF, Mr. Joe Jackson has indicated that it will not bring an end to the sufferings of Ghanaians.

He is however confident that the worst part of the hardships will be mitigated.

“I expect that going into this programme there will be parts of the programme to mitigate the worst part. But still, it won’t stop us from suffering a lot of pain. In any case, going to the IMF is not a get-out-of-jail card,” Joe Jackson told TV3 in an interview on News 360.

For ex-President John Dramani Mahama, the move by the government is belated. Nonetheless, he has welcomed the move and urged the government to present a comprehensive home-grown programme to the IMF for support.

He also proposes that President Akufo-Addo put together a formidable team of negotiators excluding Vice President Dr. Mahamudu Bawumia and Finance Minister Ken Ofori-Atta to hold the talks with the IMF.