Clueless Akufo-Addo Makes Sudden U-Turn To IMF - NDC-USA Chapter

"For the first time in history, an oil-rich country, some five years into oil production, is seeking a bailout from the IMF," Ghana's current president, Nana Addo Dankwah Akufo-Addo tweeted as quoted above in April 2015 to chastise his predecessor, former president John Dramani Mahama, shortly after engaging the IMF under a working program. 

In what has been widely seen as shocking amongst the general Ghanaian public, given his track record of bastardizing the International Monetary Fund (IMF), Ghana's President, Nana Addo Dankwa Akufo-Addo has tasked Finance Minister, Hon. Ken Ofori-Atta to commence formal engagements with the IMF. 

A statement signed by the Information Minister, Hon. Kojo Oppong Nkrumah reads, "This follows a telephone conversation between the president and the IMF Managing Director, Kristalina Georgieva, conveying Ghana's decision to engage with the fund."  

The Ghanaian government is said to have commenced talks with a delegation from the International Monetary Fund (IMF) over an economic support package.

The Ministry of Finance stated the government is committed to successfully negotiating a program with the IMF in the coming months. The main reasons for this new visit to the IMF are the deteriorating debt to GDP ratio, which stands at 84%, as the Inflation Rate currently stands at 28%. 

As a result of the high debt ratio, Ghana does not have access to the capital markets, and the lazy E-levy tax is not raising the resources the government needs. Historically Ghana has been to the IMF for economic support seventeen (17) times. Previous IMF programs supported the Ghanaian government with unsustainable debt position, external shocks, and balance of payment issues. In fact, Ghana has visited the IMF under the last three governments (NPP and NDC governments).  

The recent widespread backlash which followed the announcement that this current government has decided to go for the IMF bailouts stems from the statements made by leading government members (including President Akufo-Addo and Vice President Bawumia) equating IMF bailout to incompetence.

Prior to the 2016 election, this government promoted the argument that a visit to the IMF meant the ruling government was not up to the task and must be shown the exit. The Akufo-Addo-Bawumia government has consistently stated that "they have the men" and expertise to steer the country away from IMF. And as such, the public outcry is as a result of another failed promise from this government.

Going forward, the New Democratic Congress (NDC) USA Chapter requires the Akufo-Addo-Bawumia led government to first render an unqualified apology to Ghanaians for this sudden U-turn in policy and also encourage leading members of the NPP government to engage in more objective and responsible political commentary. 

Finally, the government should reach out to the opposition NDC and other stakeholders to help negotiate and successfully implement the IMF program to restore public confidence because key government appointees and figures like the Minister of Finance and Minister of State at the Presidency, Mr. Charles Adu Boahen have all lost credibility and lacks the capacity to assist Ghana negotiate a better deal in a timely manner. Time is of the essence!

Signed

NDC-USA Chapter

•AfricaNewsArenaGh.com / Dickson Boadi