"For the first time in history, an oil-rich country, five years into oil production, wants to be rescued by the IMF" (Akufo-Addo 2015).
The current president posted on Twitter the above post in April 2015, shortly after his predecessor, former President John Dramani Mahama joined the IMF under the app.
In what appears to have been a shock to the entire Ghanaian public, given his history of mistreatment by the International Monetary Fund (IMF), Ghanaian President Nana Addo Dankwa Akufo-Addo has appointed Finance Minister Ken Ofori-Atta to officially begin negotiations. and the IMF.
A statement signed by Information Minister Kojo Oppong Nkrumah said: "This follows a telephone conversation between the president and the IMF's Executive Director, Kristalina Georgieva, relating Ghana's decision to work with the fund."
The Ghanaian government is expected to begin talks with the International Monetary Fund (IMF) team on economic support.
The Treasury Department said the government was committed to negotiating a successful program with the IMF in the coming months. According to the Minister, the main reasons for this new IMF visit are the decline in debt in the GDP ratio, which stands at 84%, and the high inflation rate, which currently stands at 28%. Due to high debt levels, Ghana does not have access to large markets, and the E-levy tax on laziness does not increase government resources.
Ghana has historically gone to the IMF for economic support seventeen times. Previous IMF programs supported the Ghanaian government in terms of chronic debt, external shock, and balance of payment problems. In fact, Ghana visited the IMF under the last three governments (NPP and NDC governments).
The recent widespread backlash followed the announcement that the current government had decided to rescue the IMF from a statement by senior government officials (including President Akufo-Addo and Deputy President Bawumia) who likened the IMF rescue to malfunctioning.
Ahead of the 2016 elections, the government suggested that a visit to the IMF meant that the current government had not yet reached that task and should be shown to the department.
The Akufo-Addo-Bawumia government has consistently stated that they have "men" and the technology to turn the country out of the IMF. And as a result, public outcry is the result of another unfulfilled promise from this government.
Going forward, NDC-USA urges the Akufo-Addo-Bawumia government to first apologize to the people of Ghana for this U-turn policy. We also urge the leading members of the NPP government to engage in meaningful and responsible political analysis.
Finally, the government should liaise with the opposition NDC and other stakeholders to assist in negotiating and effectively implementing the IMF program to restore public confidence because key government nominees and figures such as Finance Minister Mr. Ken Ofori-Atta and Minister of State in the Presidency. , Mr Charles Adu Boahen has lost his credibility and inability to help Ghana negotiate a better deal for Ghana, in a timely manner. Time is of the essence!
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