Government of Ghana to go to IMF for bailout

 The president of Ghana, Nana Addo Dankwa Akuffo-Addo has ordered the finance minister, Ken Ofori-Atta to turn International Monetary Fund (IMF) for bailout in Ghana's economic hardship and crisis.

 It must be stated that going to IMF for financial bailout comes with a lot conditionalities and dire consequences to the nation. Among of the conditionalities that IMF imposed on the borrowing country are; government stopping employment to the public sector during the period of loan, government inability to do social intervention programs, charging high interest rate on the loan etc.

Despite dire consequences that IMF financial bailout bring to the borrowing country, the president of Ghana has instructed his financial minister to go to the IMF for help since the economy of Ghana is badly broken down and it needs a fix.

This decision to go to the IMF has brought mixed feeling within government officials, opposition NDC officials and the  general public at large.

According to Deputy Majority leader, Alexander Afenyo Marking says, " the government's decision to go to the IMF is a candid one, the NDC went there even when there were no international crises".

Kennedy Agyapong also said, " Any government that goes to the IMF has failed". He said again that, " going into IMF is just like handing over power to NDC without contest".

For Ghabby Otchere-Darko, " Npp government going to IMF is a good step and the economy of the country is be restored within 12 months".

Maaconewsupdate gathers that the general public and NDC members share the same opinion that, NPP government has totally failed the country if they take us back to IMF for financial bailout.

Before this decision by Npp government to take the country back to the IMF for financial bailout, both the finance minister and deputy finance minister had this to say; according to the finance minister, Ken Ofori-Atta, " we are not going to the IMF, whatever we do, we are not, the consequences are dire, we are a proud nation, we have the resources, we have the capacity...".

His deputy finance minister, John Kuma during the passing of the E-levy said, " the E-levy is going to help with fiscal consolidation and reduce the debt levels of our country  and that also means that, we are going to see an improved economic ratings and returning to international monetary fund. Again, we will not go to the IMF today, we will not go tomorrow and we are not going as long as the Npp is in power".  

The vice president, Bawumia, sometimes ago, on outdooring Npp economic management team had this to say, " the npp economic management team has men namely, Prof. Gyan Baffour, Dr Akoto Osei, Dr Afriyie Akoto, Hon. Alan Kyeremanteng, Boakye Agyarko, Ken Ofori-Atta, Snr. Minister Osafo Marfo, what a solid".

Now, maaconewsupdate asks this question; what has happened to this solid economic management team and they are taking us back us to IMF?

Some people think going to the IMF can affect payment of salaries to government workers and free SHS policy to due its conditionalities.

This is the 17th time Ghana is going back to IMF for bailout and the country seems not to develop. Is IMF the final solution to our economic hardship in the country?

Below is the release letter to the finance minister to go to IMF.


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