The IMF's reserve metric tends to overstate the reserve needs of current account surplus countries with
little external debt, and understates the reserve needs of current account deficit countries with lots of external debt.
He denied earlier comments by President Mahama that the Kufuor administration was responsible for 41 % of Ghana's $ 14billion
external debt stock, adding that the Kufuor government did much more for Ghana though it borrowed
little and had no oil revenues to spend.