Throwing a party at the ministry of finance to mark Ghana's exiting from the IMF Program and the over-subscription of the Euro-bond, as well as the appreciation of the Cedi, has been described by the Managing Editor of the Insight Newspaper as the "weirdest ever" in the annals of the country's political history by any government.
According to him, he does not see the need for such a celebration when it is the government that decided to extend the IMF program for one year without promptings from anybody.
Speaking as a panel member on Radio Gold’s Alhaji and Alhaji talk show, Kwesi Pratt was of the view that, the celebration is giving the impression that Ghana is being saved from the IMF; noting that the same day that the celebration was held, Ghanaian newspapers reported that Ghana has secured a loan of $185.2 million from the same IMF.
“You go to borrow, using the same things that Seth Terkper and Co used; we have had the same over-subscription under Mahama and Seth Terkper and there was no party to celebrate...and then we say that the Cedi has begun appreciating, so there is a party to celebrate; sometimes I think that some of our politicians take all of us for fools and that is what they do all the time”, he fumed.
He stressed that “our politicians actually believe that those of us who queue up in the sun to vote for them, we must be big fools, otherwise, why will they behave in this manner?”
To him, it does not matter the Currency in which a country trades, that Cedi will continue to depreciate if there is a continuous dependent on others for things like toothpicks, tomatoes, clothes, shoes, spectacles, and everything.
He explained that the value of a Currency depends on a function of policy and correct implementation of that policy as well as a function of international trade; adding that so long as Ghana has signed foreign exchange retention agreement with mining companies which allows the mining companies to keep 98% of the value of the metals exported from the country in foreign banks, the Cedi will continue to depreciate.
"...these are the issues we ought to be looking at and not shifting from Cedi to other Currencies; it does not solve any problem because that is not the fundamental problem,” Mr Pratt said.
He insisted that the fundamental problem of the country which is making the Cedi continue to depreciate is that the country is not producing enough as Ghana has become an import-dependent economy; adding “all those things which are throwing about as solutions, they actually don’t work because they betray a fundamental lack of understanding of our economy”.
Source: Daniel Adu Darko/Peacefmonline.com/[email protected]
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The exit from the IMF calls for celebration by Ghanaians. Through the so called conditionalities, employment avenues in the civil and public service were virtually closed. If today we are out of the woods, don't we celebrate? Kwesi I pity you that you are a Ghanaian. YOU ARE THE REAL EXAMPLE OF A HIP0CR8.
Kwesi youve never been pragmatic,or balance ever commenting on National matters with Npp at the help. For Christ sake if you cant be an Npp for a second at least be nationalistic kakra wai haba.when Npp decided to continue with CONDItionalities i recall you lambasted them,but that was a very smart move by the NPP to stay in the imf set up for one year and learn to understand our economy on the ropes.Cedi appreciates and you arent happy?go n burn the sea ok i have no room to stomach nkwaseas3m from you and your ilk I am only being a citizen and not a spectator
oh akrantie
Ei, Kwasi Pratt! He always wants the down fall of NPP and Ghana so ha can criticize! EVIL man!
What do you mean by we?.We all know you are doing and saying those things all because your mahama is not in charge for you to enjoy state monies for nonwork done for mother Ghana. So the simple answer to your question is a BIG YES, you are a big ***barred word*** and will always be a ***barred word***. Just get use to it ***barred word***.
KWESI, is it not better than former ministers taking double salaries. When you were partying on the plane to South Africa when you were NOT a sports journalist, you did it not see anything wrong with it. HYPOCRITE.
MR PRATT, I share your concern, but you need to understand that you have a president who is a foodian and such persons love parties. Didn't you see him sharing food to soldiers when there are party militias to disband. Look at his stomach right now and his cheek, it's all about food. So don't be surprised if ofori atta has also decided to do same. Recently so much money was wasted on another party by one of our institutions. It's just their stock in trade.
Disengagement with IMF, appreciation of the Cedi and oversubscription of Eurobonds so the need to celebrate. I am shocked to the marrow with the concert party.
Kwasi Pratt why are you always worried about our cedi depreciation and IMF Conditionalities.Please give us a break.I know very well that u are sad about these positive Issue.Please organize a funeral for us to attend.
Otokunor senior be that oo! Pratt claims he is CPP yet every example he gives to counter that of the NPP is from NDC. Did Pratt commend the NPP when they extended the IMF programme for another year? I heard him screaming and castigating them for doing so. Now that Ghana is out of the programme the same Teeth Pratt is angry because people are happy for the exit? What kind of double standards is this? May his teeth overtake Otokunor's in Jesus name.