Financial Analyst Sydney Casely Hayford has rubbished assertions the New Patriotic Party government is essentially admitting failure in the management of the economy, following the extension of Ghana’s programme with the International Monetary Fund (IMF).
The extension also prompted critics to accuse the Akufo-Addo administration of being hypocritical as President Nana Akufo-Addo, as recently as July 2017, assured that his government would not extend the programme after it ended on December 2018.
But the IMF, upon concluding its fourth review of Ghana’s programme in August 2017, extended the programme by one year and approved a $94.2 million disbursement.
Blaming gov’t unfair
First off, Mr. Casely Hayford noted on The Big Issue that it was “very unlikely that the government, in its isolationist’s view will go and say we want to extend the programme.”
Thus any criticism thrown government’s way would be unfair because “if the IMF suggested that we [NPP government] extend for one year then why are you blaming government for extending the progamme?”
He also expressed confidence in the current government to navigate this extension with prudent policies.
“The reason why we are doing what we are doing is because, we now think we have a credible government with a strong financial team which has a good financial team with good pragmatic solutions for solving the problems we are facing, and they are proving it.”
Per the IMF’s assessment, Ghana showcased a mixed macroeconomic performance, with significant external and domestic imbalances being attributed to policy slippages.
Economic growth in 2016 was at a low of 3.5 percent, though the IMF said improved growth was expected in 2017-18, owing to an increase in oil production, declining inflation, and lower imbalances with the right policy implementation.
According to Mr. Casely Hayford, failings holding the current government back should be attributed to the past National Democratic Congress government.
“… We have hanging deliverables, things that we were not able to complete during the previous government’s time. We’ve inherited it. You [the NPP government] must fix it and the IMF is saying; fix it as we go forward and you are saying; give me one more year and I will fix it.”
Extension was prudent
Aside from this, Mr. Caseley Hayford said the extension was simply “prudent business. That is what a sensible business person does.”
Expressing his argument in an analogy he said: “You go and borrow a 100,000 dollars from the bank and the agreement is that you will pay $10,000 every month for 10 months, including the interest. So you start paying.”
“Halfway through you say I can’t pay any more but somebody has offered me a certain amount of cash. Can we rearrange so that instead of $10,000 a month, I will pay you $6,000 a month and I will stretch it over the next two years? And the person who gave you the original money says, fine, no problem.”
“Why is that an embarrassment? How does that become a shame?” Mr. Casely Hayford quizzed.
Source: Citifmonline.com
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PAPA ***barred word*** HAYFORD you are a big dis grace to humanity. Who respect you you again in Ghana .All the position s in govt have been filled so better find something useful to do
This guy was all over the place talking about how smart they are who wouldn't go to IMF. Today, the same guy who was organizing lectures to talk about incompetence of John Mahama is doing the same thing he accused the incompetent government of doing. In this case, how do we describe barwumia and nana addo? Super incompetent! The have not come change any thing, except ensuring that delta forces and invisible forces keep misbehaving. That is the major change they have brought. Shame on all who spoke against IMF program but have embraced it..God deals with all of them.
You very stupiddd. Where were you when your lying president and his crooked vice were saying they were competent and that ndc was wrong in going to imf. Just a month and half ago your lying president was asked whether the imf program would be extended, he said no, your mother. If you are so stupiddd such that when you are being received you can't recognize stop talking nun sense, so that those of us who mean well for Ghana would put your lying president and his crooked vice their toes.
THE OPPOSITION, NATIONAL DEMOCRATIC CONGRESS SWEAR THAT, THEY WILL CRETICISE EVERY GOOD THING NPP IS PROGRESSING/ADVANCING IN BRINGING THEM ON BOARD. ANYWAY, THAT SHOULD HAVE BEEN THE WORK OF AN OPPOSITION PARTY. BUT IT IS UNFORTUNATE ON NDC PART.
This man is just a noise maker. ***barred word*** man. Are you saying the NPP has a credible Economic team than the NDC? Id0it..... What have they done to our economy that makes them better. Casely deserves no place on airwave. He is really a f000000l
And you see how the media is quiet over this news.
This man has no shame.
Id.iot. Forking f0ol! Has Ghana changed? Is it a new wine in old bottle or old wine in in bottle? This same IMF programme that you bunch of hypocrites and bootlickers claimed is wrong for Ghana has suddenly turned into the pillar you are leaning on. Talk about the stone that the builder rejected.