Dr Cassiel Ato Forson in an economic dialogue organized by the NDC yesterday on UPSA campus has advised President Akufo-Addo’s government to go to the International Monetary Fund, IMF for debt relief.
According to him, Ghana has made available a HIPC initiative, which could rescue the country from being a highly debt distressed nation.
He revealed that Ghana’s economy is currently in very difficult times and if care is not taken, we may go back to HIPC. He predicted that Ghana will be plunged into unsustainable financial distress from February 2023 if the current government does not take his suggestions into consideration.
“The Akufo-Addo Bawumia government must seek urgent debt relief from IMF through the newly proposed Debt Relief Initiative known as the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, DSSI, which can be likened to the HIPC Initiative . Failure by the government to do as recommended within the next 18months would expose Ghana to a high risk of default on its debt service obligations which will plunge the country into much deeper economic crisis” the former Deputy Minister of Finance told journalists.
However, current Deputy Minister of Finance John Kumah who was also present told journalists the economy is on the right path.
“I have noted all the issues raised. At the appropriate time, we’re going to give them the necessary response except that, I want to say that most of the issues raised were not able to offer any alternative policies and suggestions” he said
According to him, everything is going on perfectly with Ghana’s economy. He touched on Ghana’s Ghana’s cocoa market and how the country is doing very well in that area, citing one example.
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