Deputy Communications Minister, Felix Kwakye Ofosu, has waded into discussions regarding the government’s move to the International Monetary Fund (IMF) to boost the economy.
Felix Kwakye Ofosu, speaking on Peace FM’s award-winning morning show, also vehemently debunked claims that the Government of Ghana is seeking a bailout from the IMF.
Taking a look at the current economic hardships facing the Ghanaian citizenry, the Deputy Minister lauded the government for seeking support from the IMF, stressing that the move is nothing new so far as Ghana’s governance system is concerned.
Felix Kwakye Ofosu explained on “Kokrokoo” that it is a falsehood for any person to think that Ghana is in crises because the nation has since experienced growth by 7 percent.
However, the current economic challenges confronting the nation are “beyond our control”, he admitted.
According to him, the IMF deal will not bring adverse effects on the progress of the economy.
Recounting some pressures on the economy, Felix Kwakye Ofosu opined that the government’s decision was informed by the challenges in the agricultural and mineral sectors.
He said the country has since lost 1.3 billion dollars in foreign exchange; a situation that has had a negative toll on the country’s development.
To him, Ghana has not also fully recovered from being a raw material exporting nation and this therefore affects the economy.
He described Ghana’s economic situation as “natural” but was however hopeful the IMF deal will bring relief to the citizenry.
“Debt or defaulting in debt payment is one indication of a crisis but as I talk with you right now, we’ve not defaulted on our loans or the debt that we owe. Secondly, when you experience what we call “hyper-inflation”…and also when you undergo recession meaning you get negative growth or it drastically slows down but since 2011 that we had 14.4%; Ghana has never experienced growth in our monetary issues below 7 percent before. A country that grows by 7 percent cannot be in crises. It’s a fact.” he stated.
