Dr. Richmond Akwasi Atuahene, a consultant in banking and corporate governance, has encouraged the government to reach a consensus before engaging in negotiations with the International Monetary Fund(IMF).

The government of Ghana would have to participate in various debt restructuring procedures as part of the IMF's programme for the sustainability of country's debt.

However, according to financial analysts, Ghana is currently in a very precarious situation.

As such, a restructure of the nation's internal debt may cause a number of banks to go bankrupt immediately.

This could further exacerbate the country’s economic recovery programme.

According to Dr. Atuahene, consensus building is needed now more than ever to ensure that the brightest minds in Ghana’s fiscal space are allowed to make their input into whatever strategy the government intends to embark on.

While this may not stop the debt restructuring process from having a resounding effect on the economy, he believes it may dull the blow that the economy would be dealt with.

“There’s the need for us to build up like Mr. Seth Terkper said, there needs to be a consensus building to look at this objectively devoid of politics. If we can get the crème de la crème people to meet and look at the impact, do the scenario analysis, because this haircut we have the hold out, we have the fair cut and fair value, all these things need to be looked at critically.

“And I believe that we need a team, people who are passionate about it and who know what they’re talking about so that they can have something which will not impact, because definitely it will impact on the economy whether we like it or not it’s going to impact the economy especially the domestic debt, it’s going to impact on it,” he said.