A renowned economist, Mr. Yaw Modey has agreed with the NDC member of Parliament Bolgatanga Central Constituency in the Upper East Region and ranking member on the finance Committee in Parliament Isaac Adongo that the IMF has not yielded any positive impact on Ghana’s economy since it inception.
Speaking on Plan B FM’s morning show NKOSUONSEM hosted by Obidehye Kofi Sekyi, Mr. Modey stressed that, Ghana went to the IMF for a bailout to reduce the hardships in the country but the inflation, exchange rate depth to GDP ratio which is supposed to 70% is now 100%, which means that the government has increased the denominator from 400 billion in 2021 to 800 billion to allow the to keep borrowing which will always put pressure on country’s finances.
He said, the IMF has never brought anything positive to Ghana in all times the country has gone for a bailout.
He stressed that, IMF is not good for Africa because in the long run the country that has gone for a bailout in returns suffer a consequence of paying huge interest because its a business for IMF and a way of keeping colonising Africa.
“With the consequence on IMF no wise person should opt for a bailout because its a form of colonisation, they tell you how to use the money in your country”.
Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, expressed concerns over the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.
Despite the IMF’s positive evaluation, which positions Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Adongo has questioned the true state of the nation’s economy.
While the fund has commended Ghana for its performance, citing key indicators that suggest the programme’s effectiveness, Adongo remains sceptical about the actual conditions on the ground.
Ghana is on track to pass the management executive board review, which would result in the release of the third tranche of $360 million from the $3 billion package.
In response to the IMF’s report indicating Ghana’s strong performance, Adongo emphasizing the disparity between the IMF’s assessment and the realities faced by Ghanaians.
Adongo’s scepticism extends to the IMF’s role as a consultant, suggesting that consultants rarely acknowledge the failure of their advice.
He highlighted that while the IMF may not directly engage with the local market, surveys indicate a worsening inflation rate, a stark contrast to the IMF’s positive review.
“Do you need the IMF to come and tell you that you can’t buy a ball of kenkey? Do you need the IMF to tell you that the fuel is now almost GH¢15 per litre? Do you need the IMF to tell you that you need more than GH¢13 to buy a dollar? IMF is a consultant to Ghana, and no consultant has ever told the people of Ghana that it has failed.
“The truth is what you and I know, IMF doesn’t buy things from our market. The survey is telling us that inflation is getting worse and you want to believe what the IMF says?” he asked.
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