‘It is a fact, the IMF negotiation is not going well’ – Kwame Pianim

Renowned economist and senior statesman, Kwame Pianim has disclosed that negotiations between government and the International Monetary Fund, IMF, for an economic rescue programme are not going well.

He said in an interview with Accra-based TV3 that the main reason for the situation rested on President Akufo-Addo and his embattled Finance Minister, Ken Ofori-Atta.

The IMF, he said, was looking to Akufo-Addo to make definitive pronouncement on the crisis. To own it and take critical steps to cure the issues before they come in with their support. Ofori-Atta’s continued stay in office despite removal calls, he added, was not helping issues.

“The IMF negotiations is not going well. I know this for a fact. What the IMF is waiting for is a bold credible pronouncement from the president as he did over the COVID.

“The president said I take full responsibility, I am in charge and I am going to make sure that Ghanaians are protected from the COVID,” he submitted.

“We need the president to own the crisis. To come out and say, there is nothing that I will not do to stabilize the economy of Ghana, to stop this pressure and the economic crisis that is looming and that there are no sacred cows,” he stressed stating the need to review any and every government programme if need be.

Pushed about how he knew the negotiations were not going well, he insisted: “It is not going well, the negotiations. I know that. That is my business, to keep my ears open, I am a Ghanaian, I am interested in the economy moving in the right direction.

“We have friends in Washington so what I am saying is that it is not going well,” he reiterated.

Government months back approached the IMF for a support programme amid an economic crisis. Whiles it has partly blamed the aftershock of COVID-19 and the Russia-Ukraine war, the opposition insists the crisis has been brought on by economic mismanagement brought on by reckless borrowing and unnecessary spending.