Information Minister Kojo Oppong Nkrumah has said negotiations between the Government of Ghana and the International Monetary Fund (IMF) for a programme, have not concluded.
He explained that usually, it takes between six to nine months for a porgramme under the Fund to be sealed.
Mr Oppong Nkrumah was referring to a comment by the Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye to the effect that the negotiation is not moving faster.
The delay and uncertainty, Dr Kwakye explained, are fueling speculation and panic in the investor community, causing continued damage to the cedi.
In a tweet, Dr Kwakye said “The IMF is moving at a snail’s pace in negotiating Ghana’s program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!”
In an interview ,Mr,opposng Nkrumah stated that, the sidelines of the ongoing World Bank/IMF meeting in Washington, USA, on Wednesday October 12, “It usually takes about six to nine months to close an IMF programme, the history is there for many other countries, it is not something you can close in a day.