The Bolgatanga Central MP, Isaac Adongo, believes the extension of Ghana’s programme with the International Monetary Fund (IMF), is an admission from the Akufo-Addo administration that it needs the guidance of the fund.
He explained on Eyewitness News that the current government now views the IMF programme is giving it more credibility for investors.
President Nana Akufo-Addo, as recently as July 2017, stated that his government would not extend the programme after it ended on December 2018.
But the IMF, upon concluding its fourth review of Ghana’s programme on Wednesday, August 30, 2017, extended the programme by one year and approved a $94.2 million disbursement.
Mr. Adongo was keen to note that this development was at odds with earlier indications from the President and Minister of Finance, who were “very emphatic” that Ghana would be weaning itself beyond 2018.
Per the IMF’s assessment, Ghana showcased a mixed macroeconomic performance, with significant shocks being amplified by policy slippages and resulting external and domestic imbalances.
Growth in 2016 was at low of 3.5 percent, though the IMF said some recovery of growth is expected in 2017-18, owing to an increase in oil production, declining inflation, and lower imbalances with the right policy implementation.
Going on this assessment, Mr. Adongo said, “at the end of the day, we are being confronted with an economic growth module that is reliant on oil growth.”
Investor confidence low
He said the government was only continuing along with the IMF “because they feel that the IMF gives them a better credibility to give confidence to the investors than their own economic management module.”
“So are we now saying that the IMF is the one that we are looking to for policy credibility in order to improve investor confidence in Ghana?”
The MP noted further that, government raised GHc 12 billion in March, but subsequently, the highest they have been able to raise is about GHc 1.5 billion.
“…It tells you that investor confidence is waning and they themselves don’t have a solution that will appeal to the investors and they need a hand holding and the comfort that the IMF gives – the very comfort that was sought by President John Mahama.”
“With all the theories of Dr. Bawumia… they still have to go back and resort to a very poor economic management module of the IMF, which is now the solution of a government that is supposed to be far better than us,” Mr. Adongo said.
Source: Citifmonline.com
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The flip flop stance by NPP is an indication that they have deceived Ghanaians into voting them to power. Most of the things that they told Ghanaians that made them vote for them is not being done. You said NDC went to IMF because of mismanagement, so why should a competent government also come and extend a program you accuse the past government of going to because of incompetence and mismanagement of the economy. How to we then call you? Super incompetent! You accuse NDC of cronyism and nepotism, how can you come and give someone like A PLUS an oil contract? What qualification has he to win such a contract? What is his track record? You had problem because Ibrahim Mahama who is a qualified contractor was given contracts to do, but in your case you are not even giving contracts to qualified people, but those who sang on campaign platform for you. A lot of Ghanaians in diverse ways worked hard to ensure you won the 2016 elections but are still suffering while few guys are enjoying, and you say we should clap for you. God is watching every step you take.
But ,the man is far better than you
This Adongo is a fo*l who want attention at any giving time,does he even understand the work of the IMF? he calls himself an economist and comes to challenge everything with infantile mind,he hasn't got the big brain Dr Bawumiah has but want to challenge ,he might even not have a certificate or any degree ndc are conman who ste*l everything including degrees and PHDs look at what has happened at SSNIT? THIS man has never talked with figures always bragging. It is about time we start investigating all ndc PHDs and some degree holders from abroad it might be fake. They are doing this out of hate and jealousy the NPP, from 2009 to 2016 most ndc members called themselves doctor this and doctor that it's all fake and their PHDS don't even know what they talking about to help their party. Dr Bawumiah in opposition took time to explain to Ghanaians the economy and how it was going to even predicting what might happen which most came true Adongo come to talk,talk with no explanation and figures just politics and accuse and condemned as usual and go away with no substance ,if these are the people who will talk for the ndc then ndc will stay in opposition for long,Ghanaians don't need talking but proof with evidence so Adongo your talking isn't doing anything,it isn't convincing nobody except your constituents so it's us*less talk.