Gov’t going to IMF for the sake of investor confidence, not because it lacks discipline – Otchere Darko

Private Legal Practitioner and Managing Partner at the Africa Legal Associates, Gabby Otchere-Darko has refuted claims that the government is returning to the International Monetary Fund (IMF) for a bailout because it lacks fiscal discipline.

On Friday, July 1, 2022, the Ministry of Information through a press release announced that the President of the Republic, H.E Nana Addo Dankwa Akufo-Addo has directed Finance Minister Ken Ofori-Atta to engage the IMF for support.

From the conversations that have followed, financial experts have argued that the IMF option has become necessary because the ruling government has struggled to stay disciplined when it comes to financial issues such as borrowing and spending.

Speaking on the New File programme on Joy News on Saturday, July 2, 2022, Gabby Otchere Darko said that the argument is far from right.

According to him, the government has decided to return to the IMF because it wants investors to have confidence in the country.

“Government is not going to the IMF because it lacks discipline but for confidence.

“We did not want to go to the IMF but once we are there we should take full advantage of it,” the leading member of the ruling New Patriotic Party (NPP) said.

Gabby Otchere Darko added, “What we need to have is a national conversation on how to move forward, and what we can do is to pay more taxes.”

“My fears are that there are certain things we have the sensitivity to protect. One of them is public sector employment.”

Amid calls for Finance Minister Ken Ofori-Atta to be sidelined during conversations with the IMF, Gabby Otchere Darko says he should rather be supported.

“The Finance Minister has shown that he has the creativity and he needs the support of his party and Ghanaians,” Mr. Otchere Darko noted.