Tourism Minister, Mohammed Awal has mounted a spirited defense for government’s decision to seek a balance of payment from the International Monetary Fund.
Mohammed Awal is convinced the move is best for the country.
Government on Friday officially announced that it has reached out to the IMF for help.
Speaking at a forum in Accra, Mohammed Awal said Ghana will come out of the IMF programme “stronger.”
“Going to the IMF is the best decision we can take, especially at this time. It will help us have access to international funds to continue to develop our economy and make our country great again.”
The government’s decision to resort to the IMF comes after the government’s controversial revenue generation policy, the electronic transfer levy, failed to generate the needed revenue targets.
Ghana’s economy is in distress as it currently has a total public debt stock of GH¢391.9 billion, as of the end of the first quarter of 2022.
The cedi is also the worst-performing African currency, having weakened 22 percent against the dollar this year.
Efforts to tame rising inflation rates have also not been successful.