Joe Jackson, the Director of Business Operations at Dalex Finance, has expressed reservations about Ghana's plans to seek further funds from the international capital market for infrastructural projects.
Mr Jackson believes that it is premature for the country to consider such borrowing, especially in light of the recently completed $3 billion deal with the International Monetary Fund (IMF).
In an interview on Eyewitness News on Citi FM, Jackson criticized President Akufo-Addo's remarks at the Qatar-Africa Economic Forum in Doha, where he mentioned Ghana's readiness to return to the international market for financing ongoing projects. Jackson found the president's statements puzzling, as the IMF deal has yet to be finalized.
“I am not clear in my mind whether the president is talking about borrowing in the next year or so, or whether he is referring to borrowing from the international Eurobond or commercial paper market in the next three or four years because we haven't even finished negotiating with the current creditors. We haven't dotted the I's and crossed the T's… Going back to the market baffles me a bit,” Jackson remarked.
He suggested that Ghana should consider approaching the international market once certain conditions are met, such as a demonstrable increase in revenue, a reduction in the size of the government, and the implementation of structural changes to ensure long-term economic sustainability. However, Jackson believes that Ghana is not yet at that point.
President Akufo-Addo, speaking at the Qatar-Africa Economic Forum, acknowledged that his government is not in a rush to return to the international market but emphasized the potential benefits of accessing global savings. He expressed the intention to maintain discipline and adhere to the necessary requirements for a successful borrowing program.
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