Ken Ofori Atta, the Finance Minister, had consistently opposed Ghana going to the IMF. Obviously, as a man, one must be unflinching, and stick to one's standards. Bloomberg's review had demonstrated Ghana's obligation to be $335 billion. President Akufo-Addo, in an "Experience with the Media in December 2018, had noted: "We are going to exit toward the year's end from the IMF programs since we joined the establishment… The main illustration we should get from our IMF experience is that we can't bear the cost of any more any confusion in our public funds."
In 2020, Dr. Mahamudu Bawumia (Vice President) had noted: "You recollect that the NDC government needed to go to the IMF to protect the economy? That was to be sure a salvage mission!" Why not? Hadn't Dr. Bawumia, during the 2016, arranged Professor Gyan Baffour, Dr. Akoto Osei, Dr. Afriyie Akoto, Alan Kyerematen, Boakye Agyarko, Ken Ofori Atta and Yaw Osafo Maafo as a solid monetary steam? As it were, the vast majority of the NPP masters were re-repeating what the then Nigeria Minister of External Affairs had said in 1985: "The IMF is a terrible specialist who endorsed similar treatment to all patients, regardless of their diseases." The assumptions from IMF are somberness measures, decrease of government spending (counting the wellbeing framework, favorable to unfortunate social mediation devices like free SHS, LEAP), and the decrease in the size of government.
However, for what reason would it be a good idea for us to revile ourselves and stand by to be immersed by more regrettable monetary emergency, since we had once censured an administration for going the IMF-way? Akura se maka, menwee (the mouse says I have chomped not bitten). A "guilty concession" ought to get the job done. Regardless of whether the circumstances are something very similar… Most monetary hypotheses end with: "… taking everything into account." When have all things been equivalent? Did any current Jeremiah, Isaiah, Ezekiel, Hosea, Amos, Micah, Zechariah forecast the Wuhan-infection (COVID-19) or the Russo-Ukrainian battle, and the all inclusive impact of these on world-economies? What has befallen Belgium, France, U.K., U.S.A., Sri Lanka, Argentina… too various to even consider referencing.
The General Secretary of the Ghana Agriculture Workers Union (GAWU), Edward Kareweh, doesn't think IMF is the arrangement. He thinks: "The answer for (Ghana's monetary issues) doesn't lie with the IMF. The outcomes of going to the IMF will chiefly be borne by work, and to that end we are against it. IMF will anticipate that administration should chop down compensation, freeze wages, and every possible kind of things that don't acclimate to laborers' government assistance."
The IMF, shaped in 1944, at the Bretton Woods gathering with 189 individuals, and starting activities in 1945, has the accompanying targets: cultivating worldwide money related participation, getting monetary strength, working with and advancing global exchange, as well as business and financial development all over the planet. It has the accompanying capabilities: administrative (governing set of rules); monetary (monetary help to meet present moment and medium-term equilibrium of installment disequilibrium) consultative (a wellspring of insight).
What do we need to conceal that ought to make us avoid the IMF? Or on the other hand do we concur that we are where we are a result of monetary spillages, careless, extreme use, inability to extend the expense net, defilement as claimed by Dr. Solomon Owusu of California?
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