Posted: Wednesday 6th August 2014 at 14:06 pm

IMF bailout is better than none – Kweku Baako


The Editor-in-chief of  New Crusading Guide Newspaper Kweku Baako Jnr has said decision by government to seek bailout from the International Monetary Fund (IMF) is the best decision it could have made.

Speaking on Peace FMs morning show ‘Kokrokoo’ on Wednesday, Mr. Baako emphasized: “government’s move is a confident one even though it is an exercise in self indictment which may have been induced by realities of the time but is better than none”.

The self denial attitude adopted by the government did more harm than good to it and the people of the country and  that, it should have admitted to the problems and found solutions that could have prevented current happenings, he insisted.

“We have gotten to a stage were government has admitted that our current situation requires help”.

His comments follow government’s decision to resort to IMF bailout to put Ghana’s ailing economy back on track. The decision has received several negative comments from a section of the general public although some also say it was the only available option for government.

Head of the Political Science Department at the Kwame Nkrumah University of Science and Technology (KNUST) Prof Richard Amoako Baah hailed the decision saying it was “a step in the right direction” but warned it could come with dire consequences.

But former Minister of Trade under previous Kufour administration Dr. Kofi Konadu Apraku said the move is an admission of government’s incompetence in managing the economy, adding that government has “successfully taken our economy back to where we were 20 years ago”.

However, Kweku Baako says  the lack of policy credibility and confidence the government has lost both locally and internationally, had put it in a place where it had to call for help.

He said, as a member of the IMF there was nothing wrong with the decision to go to them for help but fears, the public may not be able to come to terms with the “hard core realities” the agreement may come with.

He lashed out at the National Democratic Congress (NDC) for chastising president John Kufour in 2000, when declared Ghana as a Highly Indebted Poor Country (HIPC ).

“Kufour did not turn Ghana to HIPC, he inherited it and it was statistically proven that Ghana had gone HIPC but the NDC government was not confident to implement it”.  

He advised that it was necessary for government and its spokespersons to desist from playing politics with issues concerning the country and making propaganda comments adding that “too much propaganda will not stop the cedi from depreciating”.

 
 
                                                                                                    

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