Private legal practitioner Martin Kpebu has said that Finance Minister Ken Ofori-Atta has no ideas on economic management.
He says Mr Ofori-Atta is an investment banker who has been put in a position to implement economic policies.
To him, the country needs an accomplished economist, not an investment banker to solve the economic issues.
“This is not the time to experiment with investment bankers. We need accomplished economists to solve our economic issues,” he said on the Key Points on TV3 Saturday, May 20 while contributing to the $3 billion bailout by the International Monetary Fund (IMF).
He added “Ofori-Atta doesn’t understand economics but still said he can do it. You’ve come into government and you’re not producing, what do you expect to happen?”
The $ 600 million first tranche has hit the accounts of the Bank of Ghana (BoG) on Friday, May 19.
Speaking at the IMF-Ghana joint press conference held in Washington on Thursday, May 18, Governor of the Bank of Ghana Dr Ernest Addison joined virtually from Accra said “Just for your information we have had swift advisory today, [Thursday] to receive the money by tomorrow [Friday], 600million US Dollar”
Finance Minister Ken Ofori-Atta for his part said the second tranche is expected to be received in the next 6 months.
“There is a 600million Dollars release, I am sure we can get it by tomorrow [Friday], and in the next 6 months it is going to be another 600million dollars and then we have about five different tranches in the periods forward to get to the 3bn,” he said.
The IMF Mission Chief for Ghana Stéphane Roudet indicated that the $3 billion bailout will result in reforms in the energy and cocoa sectors.
Also, he said the programme will result in reforms to encourage private sector investments and also build international reserves.
“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference.
“It will be restoring macroeconomic stability, for higher and more inclusive growth. It has reforms that will make the economy more resilient and likely to withstand shock in the future,” he added.
For his part, Finance Minister Ken Ofori-Atta thanked the Fund for the support.
He said “We are already seeing relative stability in the currency and inflation and revitalizing our economy. Government with support from the IMF and collective effort with Ghanaians will work through our current challenges and emerge stronger.”
The Board of the Fund unanimously approved Ghana’s bailout on Wednesday, May 17 at a meeting in Washington after Ghana secured the Paris Club financing assurance on Friday, May 12.
