Ghana Sold Its Decision Making Power By Going To The IMF - Julius Malema
Julius Malema, the fiery South African Pan Africanist, believes Ghana's decision to seek an International Monetary (IMF) bailout has impacted negatively on the country's sovereignty.
To Mr Malema, by this economic action under the Akufo-Addo/Bawumia-led administration, Ghana has sold off its decision-making power to the IMF.
The outspoken Pan-Africanist, who was speaking at a public dialogue initiated by the Arise Ghana Youth Movement, noted that the very essence of being a sovereign state is jeopardized when corruption and corruption related issues engulf the economy, and enjoined all citizens to speak out against any corrupt activity.
"Ghana’s decision to go to the IMF is a way of selling its decision-making power to the IMF...the wealth accrued from the mineral resources should benefit the Ghanaian populace and not a selected few....embezzling from public coffers is essentially stealing from the future...The repercussions will be felt by the youth, who will inevitably bear the burden of the accumulating debt," he said.
Ghana turned to the IMF for financial support in 2022 as it grappled with its worst economic crisis in a generation, which came amid spiralling public debt-servicing costs.
The International Monetary Fund (IMF) has disbursed to Ghana the second tranche of $600 million under the country’s three year Extended Credit Facility (ECF) arrangement following the approval of its Executive Board.
This comes after Ghana had successfully gone through the first review of the $3-billion ECF programme and clinched a deal with the Official Creditor Committee (OCC) under the G20’s Common Framework on debt treatment.
The amount brings to $1.2 billion the total amount of funds the IMF has disbursed to Ghana after the government reached a deal with them in May 2023.
Having defaulted on most external debt after servicing costs soared, Ghana also needs to reach a relief deal with private holders of about $13 billion in international bonds.
Official engagement with these bondholders would start as early as next week and an agreement could be reached by mid-March, says Finance Minister Ken Ofori-Atta.
<<Print>>