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Wednesday, December 7, 2022

Any suggested expenditure cuts by the IMF should not affect industry – AGI pleads – Citi Business News

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The Association of Ghana Industries, AGI, has urged government to ensure that any requests for cuts in expenditure by the IMF, does not affect productive sectors of the economy like agriculture, manufacturing and industry as a whole.

As discussions between government and the IMF picks up, different stakeholders have expressed different opinions on the impact of a possible bailout for the country.

While government representatives have mounted a spirited defense for the decision to seek a balance of payment support from the Bretton Woods Institution, other stakeholders like the Trades Union Congress (TUC) have described the move as a ‘tragic mistake’ and a ‘sad’ decision.

Players in the trade and industry space have meanwhile urged government to ensure that the final bailout program does not hurt them.

Seth Twum-Akwaboah is the CEO of the Association of Ghana Industries (AGI) and he says sustained support for the productive sectors of the economy is needed now more than ever.

“We know the general framework of the IMF. They will ensure that you have a certain level of discipline with respect to expenditure and revenue. The point we want to make however is that you can’t compromise on expenditure that supports areas like manufacturing, industry and the agricultural value chain connected to industry.”

“We need to take the needed steps to resuscitate industry and agriculture, and make sure that our productive sector works well. In the negotiations, I’m sure some funds will be made available in the negotiations. And these are the areas they have to look at,” he added.

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