Public cautioned against Ghana-IMF negotiations misrepresentations

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International Monetary Fund (IMF)
International Monetary Fund (IMF)

The Ministry of Finance (MoF) has cautioned the public against the spread of falsehoods and misrepresentations, which is weakening national efforts to ensure macroeconomic stability.

Such publications come amid the ongoing negotiations between the Government and the International Monetary Fund (IMF) for the Fund’s loan support programme to help Ghana navigate through the current economic hardship.

The publications include the allegation that the Ghana-IMF negotiations is not going well, there is no programme for consideration by the IMF and that there are inaccuracies in the figures presented to the IMF by the Government
However, in a statement issued and copied to Ghana News Agency on Sunday, the Ministry said the spread of falsehoods and misrepresentations, which was gaining notoriety in various recent public discourse was untrue.

“We caution that such falsehoods contribute to the erosion of stability in the Ghanaian economy and could unduly hold back the strong progress of negotiations so far,” the Ministry said.

It, therefore, urged all who engage in public discourse on the current state of the economy and the IMF negotiation, particularly journalists, to verify claims related to the ongoing IMF negotiations from official dedicated websites.
“Well-meaning Ghanaians are entreated to disregard false narratives, and instead refer to official communications from the Ministry of Finance and the IMF,” the statement read.

It also called to the use of “responsible in utterances related to the IMF negotiations,” and assured that the Government is working assiduously to complete negotiations and restore the economy to macroeconomic stability.
Referring to publications of the IMF on negotiations done so far, the Ministry said among others that constructive discussions on policies aimed at restoring macroeconomic stability had been made.

It also noted that “good progress” had been made in identifying specific policies that would help restore macroeconomic stability, with both the IMF team and the Ghanaian authorities still being fully committed to reaching agreement on a framework and policies for an IMF by the end of 2022.

On the issue of figures presented to the IMF as part of Debt Sustainability Analysis, and for a possible loan facility, it said, “None but accurate figures have been presented to the IMF; and the Ministry has been fully transparent at all times.”

“The Ghanaian negotiation team remains credible and highly respected and has enjoyed great cooperation from the IMF. To suggest otherwise is false, misleading and pure mischief which must be ignored,” the statement emphasised.

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