Ghana's citizens seem to be more divided over the mention of the International Monetary Fund (IMF) than over other topics in the resource-rich West African nation.
Following the announcement by the government of Ghana that it was seeking a programme under the Fund, Ghanaians and other foreign residents in Ghana have recently been subjected to intense economic lectures in their homes, at their various places of employment, in public transportation, at stadiums, market places, in churches, bedrooms, and boardrooms.
The statement on Friday, July 1 caused a significant rift in public opinion on whether or not it was necessary to request assistance from the IMF. Some believe that the present economic managers are failing when they ask for help, but others have a different perspective.
Government spokespersons have stated that the action is being taken to defend the economy from external influences such as the current Russia-Ukraine conflict and the Covid-19.
In reality, Vice President Dr. Mahamudu Bawumia, who is in charge of the Economic Management team, said in a speech he gave on Thursday, July 14, at the Accra Business School IT program's opening, that the impact of the Covid and the Ukraine-Russian conflict was the reason the Fund was chosen.
"Global energy and food costs surged during the Russia-Ukraine war. Inflation hit 30 and 40 year highs in several advanced nations. In June 2022, Ghana's inflation rate climbed by 29.8%. As a result of the disruption, shipping costs soared by more than 1000%, and economic development halted.
"Ladies and gentlemen, we are now discussing a different government, Ghana, which is changing quickly.
"Digitalization and other measures that restructure the economy's structure and strengthen fiscal restraint and structural changes in order to restore debt sustainability and growth are drastically altering the underlying systems.
"It will take hard work and painful decisions, but we should emerge from this IMF programme stronger than we have from the last seventeen," he added.
Others worry that the governing party would lose some votes in the next general elections as a result of the plan to visit the Bretton Woods Institution because the party opposed the move while it was in opposition during the previous John Mahama administration.
Isaac Adongo, a lawmaker for Bolgatanga, requested that the IMF team extensively examine the government's finances as part of the engagement. In my opinion, these suspicions were justified because the IMF helps clean up the system to address the problems that create economic suffering in addition to provide financial support.
They may implement restrictions on hiring into the public sector, among other things. Although this will probably lead to suffering in the short term, the IMF views it as the required harsh medicine to treat a condition.
I also told them that the IMF is a last option that you turn to in times of crisis.
I informed my fellow participants that the situation is critical because the government chose to travel there. The question I asked myself after my interaction with them was, "Why is the IMF turning into a devil to Ghanaians?"
Let's look at the IMF's mandate first in order to respond to that query.
According to the IMF's Articles of Agreement, the organization's mission is to advance stable exchange rates, balanced growth in global commerce, and international monetary cooperation.
Some aspects of the operational policy advice provided by the IMF have considerably changed since the late 1970s.
Therefore, the IMF exists to aid member nations in stabilising their economic systems.
In order to respond to my own question on why the body is turning into a demon for Ghanaians, let's start with what certain government officials have said.
Around 7 o'clock on Thursday, July 14, in the Achimota Retail centre in Accra, I had a discussion on the IMF with four people. According to three of the panellists, contributing to the Fund will cause several challenges for Ghanaians; as a result, in their opinion, it is not a good idea.