IMF Bailout: All Matters Arising HighlightsKwesi Traffic
Get all highlights of matters arising with regards to the IMF bailout move initiated by the president of the Republic of Ghana, Nana Akufo-Addo.
A statement by the Ministry of Information said President Nana Addo Dankwa Akufo-Addo had authorized finance minister Ken Ofori-Atta to start the formal engagements after a telephone conversation with IMF Managing Director Kristalina Georgieva.
This will be Ghana’s second bailout from IMF since 2015, coming just three years after the completion of the earlier package.
“The engagement with the IMF will seek to provide a balance of payment support as part of broader efforts to quicken Ghana’s build-back in the face of the challenges induced by the COVID-19 pandemic and the Russia-Ukraine crisis,” the statement read.
How IMF Bailout Affects Free SHS
The government has promised that none of its signature initiatives, including the Free Senior High School, will be cut as the nation seeks a bailout from the IMF during the economic downturn.
“Government assures Ghanaians that #FreeSHS and other important flagship programmes would not be canceled despite the state’s application for IMF support,” according to a post on the Presidency’s Facebook wall.
What Are People Saying?
While the issue has become a national concern, some Members of parliaments have share their concerns and opinions. Speaking on Power 97.9 FM’s Inside Politics program Tuesday’s legislator’s observation that the governing NPP’s administration lacked budgetary responsibility and accountability was more evidence that the NPP needed to be taught responsible economic management techniques.
Hon. Frederick Ahenkwah, a member of parliament (MP) for Jaman North, has expressed excitement about the Akufo-Addo administration’s choice to apply for financial support from the IMF (IMF).
Nana Akomea, the managing director of Inter-City STC, has requested that the government present a “broad front” when working with the IMF delegation (IMF).
Ghana is asking the Fund for assistance, or what Kojo Oppong Nkrumah, the information minister, has called “balance of payment support.”
Buaben Asamoa challenges Rachel Appoh on Mahama’s directive on apologies
According to the NPP Communicator, in what appears to be a direct reaction to the request made by Honourable Rachel Appoh, the former Member of Parliament for Gomoa Central, the Nana Akufo-Addo-led administration should apologize to former President John Mahama. Meanwhile, Yaw Buaben Asamoa, the New Patriotic Party’s (NPP) director of communications, claims that the government does not need to apologize to Ghanaians for its choice to ask the IMF for a “balance of payment help” (IMF).
Damaged economies cannot be repaired in the short run – CPP
According to the CPP, the action is a band-aid fix for the county’s faltering economy.
The Party claims in a statement that the present decision cannot be the magic wand to save the Ghanaian economy since it has been to the IMF for a bailout 1 7 times.
Negotiate well – NPP MP Kennedy tells government
Kennedy Nyarko Osei, a member of parliament for Akim Swedru, has stated that the government must negotiate with the International Monetary Fund (IMF) so that the terms that are provided are not onerous.
He claims to be pleading with the administration to engage in effective negotiations with the International Monetary Fund (IMF) in order to promote economic development and save employment across the board.
“l pray we pay attention to those suggestions and take advantage of our engagement with the IMF to fine tune some of our social intervention programs as a measure to cut down our expenditures I wish the team fruitful negotiations,” He spoke to Kingdom, located in Accra.