<<Print>>

An Economist, John Gatsi, has advised government to immediately respond to the contradictory debt to GDP figures put out by the International Monetary Fund (IMF) on Ghana. According to him, failure to do so will pave the way for more conjecture �and that will actually muddy the waters.� The IMF�s Deputy Director of Fiscal Affairs Department of the IMF, Sanjeev Gupta on Tuesday disclosed that Ghana�s debt to GDP was 71% contrary to the 55% put out by the government. A Member of Parliament�s Finance Committee, Kwaku Kwarteng, told Citi News, the revelation indicates that the government is hiding the true state of the economy, adding that, government may have lied to the IMF in order to reduce the conditionalities which will accompany the IMF bailout. Ghana is scheduled to begin an IMF bailout programme in January 2015 to solve the challenges facing the economy. Industry players warned government to present the true state of the economy to the IMF after a former Deputy Governor of the central bank challenged the inflation and exchange rate figures put out by the central bank and the Ghana Statistical Service (GSS). But this revelation suggest that Dr. Mahamudu Bawumia�s claims and the fears expressed by industry players may have been true. Nonetheless, Mr. Gasti wants the central bank and the Finance Ministry to either confirm or deny the IMF�s figures. He said it is imperative they respond immediately because the credibility of the nation is at stake and so is the sovereign management of the economy. The Economist stressed that citizens have the right to know the truth because �people are apprehensive about that and it is incumbent on them to come out.� �When they speak out, then we will be able to carry the analysis forward but I don�t think we should trivialize the response of the Ministry of Finance and the Bank of Ghana. It is crucial so that we know the direction we are going,� he added.