A former Minister of Finance, Seth Terkper has advised the government to be transparent in its ongoing discussions with the International Monetary Fund (IMF).
Mr. Terkper said the governmentâ€™s openness about Ghanaâ€™s debt situation will enable both parties to devise measures that will tackle the fiscal and structural challenges that compelled the country to turn to the IMF for support.
â€œThe IMF has been complaining already about the lack of transparency, so I think if we want to make progress, we need to be very open so we know the depth of the problems.â€
This will be the 17th time Ghana is going to the IMF for help.
The move came after the Akufo-Addo governmentâ€™s controversial revenue generation policy, the electronic transfer levy, failed to generate the needed revenue targets.
Proffering suggestions for improving Ghanaâ€™s fiscal situation, Mr. Terkper advised the government to drift Ghanaâ€™s budget from â€œone-time bondsâ€
â€œIn 2020, we had the covid loan and the Bank of Ghana to cover up. Nearly 6 billion flowed into the economy but we still had challenges. If we are concerned about ratings we must move the budget away from one-time bonds that go into consumption,â€ he said on Citi FM and Citi TVâ€™s news analysis programme, The Big Issue.
Ghanaâ€™s economy is in distress as it currently has a total public debt stock of GHÂ¢391.9 billion, as of the end of the first quarter of 2022.
The cedi is also the worst-performing African currency, having weakened 22 percent against the dollar this year.