Ghana does not have a game plan – Harry Yamson on IMF deal

Managing Partner at Ishmael Yamsom and Associates, Michael Harry Yamson says government’s economic management team did not leave with a game plan as it goes to Washington to deliberate on issues concerning its International Monetary Fund (IMF) programme.

According to him, despite having responded to various demands by the external creditors, the government has not communicated effectively with the citizenry its plans concerning the programme.

“Government didn’t seem to leave here with a game plan. And government has not been consistent in communicating its own game plan with Ghana. We are hearing government respond to the external partners are demanding. Ghana itself does not have a game plan.

“That for me is very obvious. Otherwise there shouldn’t even have been a hint of going back to pensioners,” he said on JoyNews’ Newsfile on Saturday 15.

Mr. Yamson lamented the demand of external creditors that requests Ghana to include domestic bondholders in its debt restructuring exercise. According to him, the approach sorts to exacerbate living conditions in the country.

He added that there is a lack of understanding about what the situation means for the average Ghanaian.

According to him, “if Washington and the externals care so much about Ghanaian citizens and living standards, then the question becomes how do you ask the government to come back and destroy household incomes in the name of debt restructuring?”

Mr. Yamson also highlighted the lack of political consensus on government’s inability to generate sufficient tax revenue while in pursuit of an IMF programme. He said the government should have engaged the two major political parties in order to solve tax revenue issues.

He expressed that government ought to have tried solving internal issues before heading for negotiations in Washington.

However, reporting live from Washington, George Wiafe of JoyNews indicated that things are looking quite positive for Ghana as personal engagements with some officials at the meeting show that the country has met almost every requirement for the programme.

“I had an interaction with one person yesterday who is one of the critical actors in Ghana’s programme, in terms of approval and all the rest. Ghana has met everything.

“The only issue right now is the external creditors which they believe that based on the behind-the-scenes engagement that they are also having with these creditors, it appears that these creditors will come on board to approve Ghana’s programme,” he said.