The Managing Partner of Ismael Yamson and Associates, Michael Henry Yamson believes the$3billion bailout from the International Monetary Fund (IMF) will not revive Ghana’s economy.
According to him, the government has not demonstrated enough fiscal and political discipline in order to improve macroeconomic stability hence his assertion.
“The bailout will be meaningful if we are ready to receive it for good purposes. But what has changed in the way the public sector soaks money? Has any spending cut been announced that you know of? Nothing, if we get that relief, it will mean nothing. It will just come to sit in a basket. At the very least, we should know that this will only come to give us that mirage of confidence. The US$ 3 billion is a waste”, he said on Citi TV.
“The only thing we took to Washington is three tax incentives, but everyone knows those taxes will have a chilling effect on the private sector so where will the growth come from to power the public purse so government will have room to go and do development?” he added.
Meanwhile, the IMF has said Ghana has been able to fulfil all the prerequisites for its program request to be approved by the executive board except for the assurance of financing from external creditors.
And with how things are going, Finance Minister, Ken Ofori-Atta, has also disclosed that Ghana is likely to receive IMF Board approval for the $3 billion bailout by the close of May 2023 for economic recovery.
