Prof. John Gatsi has said debt restructuring and Data reconciliation will be a crucial part of government’s engagement with the International Monetary Fund.
Talking to an Accra based radio station,Top FM on the Weekend Borborbor program when Prof. Gatsi was asked about some details about the IMF engagement by the government.
He explained that a lot may unfold this week as there is no prior engagement with stakeholders before the announcement, it is difficult to conclude whether or not the purpose of going to the IMF is in line with the real problem.
Prof. Gatsi explained that the problem of the Ghanaian economy is more of debt distress with contagion effect hence debt restructuring maybe what is needed but the outcome of the engagement with the IMF team will conclude on that.
When asked when will the IMF program start, he said he doesn’t know because after agreeing on the type of program and agreement on the main problem, there will be economic and financial data reconciliation with the involvement of the Ghana Statistical Service, Ghana Revenue Authority and Bank of Ghana.
He emphasized that data reconciliation and engagement with specific state institutions will be the crucial journey of the discussion. He explained that data credibility and transparency will be the starting point of the formal discussion with the IMF.
When asked about the commitment and unity of purpose of government officials, he told the host, Authentic Mama, that given the pronouncement by some key government officials in the past, it suggests that not all of them may like the decision especially when disclosures will be required on many issues.
He added that he believes the decision of the government should be valued for than the “IMF avoidance orientation “ by very few people. He said any divided commitment to the discussion will isolate Ghana as confidence and policy credibility will diminish further. He added that starting an engagement with the IMF and discontinue can signal more doubt about economic management leadership and package the economy as risky to associate with.
