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‘Ghana is a risky country to invest, IMF is worried’ — Isaac Adongo

Economy & Investments ‘Ghana is a risky country to invest, IMF is worried’ — Isaac Adongo
FRI, 22 SEP 2023 LISTEN

The Minority in Parliament has said Ghana's huge indebtedness to the International Monetary Fund (IMF) renders it a risky place for potential investors.

This is because Ghana is being noted as the most indebted country to the IMF under the Poverty Reduction and Growth Trust, with an outstanding loan amounting to 1,689 billion Special Drawing Rights (SDRs) according to reports.

This accounts for nearly 10% of the total loans outstanding within the Trust.

Isaac Adongo, the Ranking Member on the Finance Committee of Parliament, expressed deep concern regarding Ghana's high debt levels and diminished foreign reserves.

According to him, these factors are impeding the nation's ability to attract foreign investment.

He remarked, "If you look at our creditworthiness in terms of our net international reserves to cover those portfolios, Ghana is a risky country, and the IMF itself is worried."

Mr Adongo also issued a caution that Ghana may find itself ineligible for another IMF program.

He noted, "But for the fact that Ghana has a track record of historically meeting its obligation to the IMF, these statistics alone [are enough] for you to know that Ghana will not qualify for an IMF program."

The significant debt burden that Ghana currently bears has raised apprehension among potential investors.

Gideon Afful Amoako
Gideon Afful Amoako

News ReporterPage: GideonAffulAmoako

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