Ghana would have gone to IMF even without the Covid pandemic, Russia-Ukraine war – Ato Forson

Former Deputy Minister for Finance, Dr. Cassiel Ato Forson says he has no doubt the government would have run to the IMF even if there was no Covid-19 pandemic or Russia-Ukraine conflict.

Speaking to GTV on the Breakfast Show on Monday, July 4, 2022, the Member of Parliament (MP) for Ajumako-Enyan-Esiam Constituency argued that from the mismanagement of the ruling government since 2017, it was never in doubt that this day will come.

“The 2022 budget lost the confidence of the investors. The very day it was read international investors reacted negatively toward Ghana's economy.

“Back in 2019, we used 78% of our tax revenue to service only debt. The situation worsened in 2020.

"Going back to the IMF is ineptitude at the highest level. I saw it coming twelve months ago,” Dr. Cassiel Ato Forson shared.

According to him, it is now important for the government to come clean and inform the citizenry of how bad the situation is.

“Ghana would have gone to IMF without Covid-19 or Russia-Ukraine war….I am urging the government to be candid and tell us the magnitude of a bail out,” Dr. Ato Forson added.

Last Friday, the government through a press release from the Ministry of Information confirmed that President Nana Addo Dankwa Akufo-Addo has communicated the intention of his government to seek IMF support to the leadership of the fund.

In the release signed by Information Minister Kojo Oppong Nkrumah, it said Finance Minister Ken Ofori-Atta has been directed to engage officials of IMF for the needed support.