Dr. Owusu Afriyie Akoto, Ghana’s former Minister of Food and Agriculture, claims to possess the expertise necessary to assist the country in ending its reliance on the International Monetary Fund (IMF) for assistance.
” Our Finance Minister is now in China, the country is going through distress . . . I have something in mind and the expertise to help this country so we will not be going to the IMF every now and then. Sixty Six years of this country we have been to the IMF seventeen times . . . our development is being finance by debt, so long as we continue to rely on debt to finance our development we will go to the IMF umpteenth times, but we have the capacity to generate our own foreign exchange and fiscal revenue to fund Industrialisation, to fund Health, to fund Education, Infrastructure,” he said on Peace FM in Accra, Ghana.
Dr. Owusu Afriyie Akoto wants to lead the New Patriotic Party (NPP), which is in charge, to the general elections in 2024.
Currently, Ken Ofori-Atta, the Finance Minister of Ghana, has traveled to Beijing to meet with Chinese officials to discuss a proposed debt restructuring.
It is anticipated that the talks will concentrate on securing additional financing assurances for Ghana’s economic program and ways to lessen the burden of the country’s debt.
In December 2022, Ghana, which is experiencing its worst economic crisis in a generation, reached a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion loan. However, the IMF’s board would approve the program if lenders are to provide financing assurances.
With approximately $1.7 billion in debt, China is Ghana’s largest bilateral creditor.
The government of Ghana’s ongoing need is to get IMF board endorsement, with the fine details of debt treatment operations to follow later.