The Finance Minister Ken Ofori-Atta deserves no credit for closing the deal with the International Monetary Fund (IMF), a renowned economist Kwame Pianim, has said.

In the view of Mr Pianim, going to the IMF meant a failure on the part of the Finance Minister.

“Ofori-Atta deserves no credit for going to the IMF. It means he has failed.”

The approval of the $3billion deal was secured on Wednesday, May 17 with the first tranche of $600 million already received by the Bank of Ghana.

Mr Ofri-Atta warned that the deal would not offer a magic solution to the current economic crisis.

“Ghana’s IMF Board approval is far from a magic solution,” he stressed.

“What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.”

The Finance Minister was speaking at a joint press conference held by the Fund in the wake of the Executive Board’s approval of the $3 billion support.