The International Monetary Fund (IMF)’s program with Ghana cannot turn the country’s ailing economy around.
[contextly_sidebar id=”14eqViKyqBHNRcxlTjgPRlidj95gYuQq”]This is according to the Managing Director of Cal Bank Frank Adu Junior.
Ghana has currently reached staff level agreement with the IMF awaiting final executive board approval in early April.
Ghana is expected to receive about 940 million dollars as balance of payment supports as part of the IMF program.
Recently a Former Deputy Governor of the Bank of Ghana Dr. Mahamudu Bawumia in a lecture delivered at the Central University College questioned government’s commitment to strictly enforce the program with the IMF.
In an interview with Citi Business news Mr. Adu said government’s attempt at dealing with the current economic downturn by going to the IMF is wrong.
“IMF hasn’t got the answer; I have met with certain individuals from the IMF and what they are talking about to me doesn’t make sense and I told them so. If IMF had the answers for us would we be in this situation. We’ve been going to the IMF for how many years? I’m not supporting Bawumia’s position. I’ve maintained this position that for the past 20 years that if we sit here and we do not use our own gray matter, the problems we create ourselves and see how do we get out of this morass and we run to some white boys sitting in Washington, to come and give us solutions. We are kidding “, he fumed.
He blamed the National Democratic Congress, the New Patriotic Party and past governments for mismanaging the economy.
“It is because of the successive management of this economy in a very bad way and it is not just NDC or NPP. It is both NDC and NPP and AFRC and PNDC and name it”, he stated.
By: Rabiu Alhassan/citifmonline.com/Ghana