Economist, Dr Ishmael Yamson, has detailed reasons Ghana should consider an International Monetary Fund programme amidst the current economic crisis.

According to Dr Yamson the Fund has all Ghana needs to solve its crisis.

Ghana’s economy is currently facing a critical economic crisis due to the COVID-19 crisis and the Russia-Ukraine crisis.

The Economist posits that even though the government had earlier stated that it would not opt for an IMF programme, the best solution to tackle these issues is to apply for an IMF.

Speaking to JoyBusiness on Ghana’s economic woes and the need to join the IMF, he said, “So you then have to ask yourself, in the short term, how do we stabilize the ship? This is a huge ship. Then you can then think about medium-term and then long term. Investors lost confidence because they are doubtful that you can service your debt.

“So, the short term will be finding money quickly, something that will recreate, rebuild the confidence quickly. My experience in this country is that the best option would have been to go to the fund because the Fund will restore investor confidence immediately. Will also give you access to money the two things that you need critically are with the Fund right now."

“And everybody, I don’t think that I am saying this because I don’t respect the position of government, I respect it. But if you ask me, I will do exactly what I am saying, that in the short term, I’ll take a Fund programme. Because our history says that; there’s no reason why because you have a Fund programme that says you’re a bad manager of the economy.”

He stated that going to the IMF does not mean that they were bad managers of the economy.

Meanwhile, Finance Minister Ken Ofori-Atta had earlier stated that Ghana will not go to the IMF for aid. This Dr Yamson should not stop government from going to the IMF if that will solve the country's problems.

“The people who you succeeded themselves run a Fund programme. You came into office to say you’re exiting; you won’t go back. That for me is the challenge. And I’m saying yes, maybe at the time you made that judgment, and that statement, you never thought that there will be a Russia-Ukraine war that will create a huge problem for your economy."

“I have seen a chart of fuel price increases; we’re just number three in the world. Eighty-something percent increase, so you’re faced with a major crisis, I think the immediate reaction will be how do we stabilize this ship.”

Source: Ghanaweb