The Deputy Minister of Finance, Thomas Nyarko Ampem, has dismissed claims that the government is seeking another bailout programme from the International Monetary Fund (IMF), clarifying that Ghana is only requesting technical support under a Policy Coordination Instrument (PCI).
According to him, the PCI arrangement is fundamentally different from traditional IMF support programmes Ghana has undertaken in the past because it does not involve borrowing.
Speaking on Asempa FM’s Ekosii Sen show, Mr. Ampem explained that the government’s engagement with the IMF after the completion of the current programme is aimed at supporting economic reforms through technical expertise and policy coordination.
“We have not requested another IMF programme. What we requested is IMF technical support. Our PCI with the IMF is not another programme,” he stated.
He explained that unlike traditional IMF bailout arrangements Ghana has entered into multiple times, the proposed 36-month PCI does not involve financial assistance or additional borrowing from the Fund.
“The difference between the IMF programmes we are used to and have done for 17 times and the PCI is clear. The PCI that we are going to do for 36 months is different. We are not borrowing from the IMF,” he said.
Mr. Ampem noted that the IMF possesses technical expertise that is made available to countries seeking policy guidance and economic reforms, even in the absence of financial assistance.
“The IMF comes with conditions, but it also has technical expertise that is available to any country that needs it. So even though we are done with the IMF programme, we want to undertake a number of reforms in the country using their technical assistance,” he added.
The Deputy Finance Minister further explained that the PCI arrangement would allow the IMF to monitor and validate Ghana’s economic reform agenda, thereby strengthening investor confidence within the international community.
“The PCI is to work with the IMF on our programme so they will be witnesses for us in the international community,” he noted.
Mr. Ampem also reiterated President John Dramani Mahama’s assurance that Ghana will not return to another IMF bailout programme, insisting that the country has built sufficient reserves to manage its economy independently.
“Our President has assured us that we are not going back to the IMF. We have been able to build enough reserves,” he said.
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