According to Seth Terkper, a former finance minister, the administration is focusing too much on COVID-19 as the root of the nation's economic problems.
He claims that although acknowledging the pandemic's worldwide effects, the nation's present budgetary problems are also the result of other serious errors.
In an interview with Bernice Abu-Baidoo Lansah on Monday's AM Show, he noted that the past NDC leadership put in place several solid institutions that would have stopped the economy's present slide.
However, the former Minister from the previous John Mahama government claimed that the present administration has worn down these institutions and buffers, which is why the country is being suggested to return to the IMF.
"You can't blame COVID for everything. Nigeria had oil. Ghana was making use of her oil. We were fortunate. They ought to provide an explanation for whatever purpose the oil was utilised, rather than blaming President Mahama. I'm here to defend that record because it exists and I've already informed you of the buffers and other elements of our strategy. Yes, I'm not denying it. The COVID is bad. It's even worse than the world financial crisis. I admit that," he said.
The former finance minister further hinted in his arguments that the country's choice to seek assistance from the IMF was also due to the Akufo-Addo administration's lack of budgetary restraint (IMF).
President Akufo-Addo has given the Finance Minister, Ken Ofori-Atta, instructions to contact the IMF to support a programme on Ghana's economy, according to a statement released by the Minister for Information, Kojo Oppong Nkrumah, on Friday, July 1.
The announcement of this development sparked strong public reactions, with many people criticising the action.
Hundreds of irate Ghanaians vented their rage on the International Monetary Fund (IMF) Facebook page, where they launched a campaign against any financial assistance for the nation.
The disgruntled citizens said in a series of remarks tracked by Myjoyonline.com that President Akufo-Addo and his administration had squandered the nation's resources and were thus undeserving of any help.
"Has Ken Ofori Atta reached out to you? Omofia's finance minister (Ghana). He'll perform his face mobomobo when he gets there, but Odeishe doesn't mind. Tell him to apply for an MTN Quick loan wai when he arrives, one of the displeased parties wrote.
A delegation from the International Monetary Fund (IMF) is anticipated to land in Ghana on Wednesday, July 6 to start talks with the government about the financial assistance it is requesting.
According to sources, the IMF representatives—which include senior executives from the Fund and local staff—will meet with the Finance Ministry, the Economic Management Team, and the Presidency during their visit.