A member of the ruling New Patriotic Party (NPP), Gabby Otchere-Darko, has said he is not against the government seeking help from the International Monetary Fund (IMF).
“Am I against an IMF programme in principle? No. I am not for an IMF programme that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more" he said in a tweet on Monday.
According to him, “Covid-19 and War in Ukraine are not of Africa’s doing, but more to our doom. A programme that pretends it is all our doing is doomed to fail”
He has further asked government to do something "pretty quickly" to "inject confidence in our capacity to ride this heavy storm"
"Ghana is a member of the IMF. The world is in serious crisis. Ours is not helped by our high debt and low-income levels. With the economy still growing, but investor confidence low, govt being compelled to cut down capital expenditures will eventually lead to job losses unless..." he added.
Reports are rife that the government might seek help from the IMF. Deputy Finance Minister, Dr John Kumah has suggested that IMF might be the only option if the economy does not stabilize with the homegrown policies.
“If it becomes impossible, then it is the only alternative to salvage our economy. But where we are now, we think we are in the position to salvage the economy or to try the homegrown policy we are adopting” he indicated.
However, some communicators of the ruling administration insist there will be no IMF intervention.
Source: Peacefmonline.com
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The thing is in Ghana, due to dishonesty, politics and dirty propaganda, people are downplaying the impact of Covid-19 and Russia Ukraine ward. Covid-19 and Russia Ukraine war have turned the world’s economy on its knees. Here in UK, the cost of weekly household shopping has increased by at least £50-70. A litre of Diesel used to be 0.89P but now sells at £2 per litre. Energy bills have been increased drastically as well as council tax and water bills. A lot of people are now depending on food banks just to survive the hit. Salaries/wages however remain the same. I do not condone flamboyant/extravagant lifestyle from people in power but the simple truth is THE WORLD IS GOING THROUGH A DIFFICULT PHASE AT PRESENT.