Nana Akufo-Addo’s position on IMF bailout
“Turning to the International Monetary Fund, 8 years after Ghana under President Kufuor weaned itself off dependence on the IMF, is a clear admission of spectacular failure on the part of the John Mahama-led National Democratic Congress government.
It is the people of Ghana who are paying for President Mahama’s mismanagement of the Ghanaian economy and the extensive corruption associated with his government.
The hardships and austerity measures that will emerge from the programme will be borne by Ghanaians.
If, as a country, we have no choice but to fall on the IMF for a bailout, then we must have a good deal.
The measures that will be put in place must do the following:
1. Protect and create jobs, because we need to tackle the widespread unemployment, affecting primarily the youth that is bedevilling this nation.
2. Reduce the high cost of living that is affecting everybody.
3. Reduce the cost of doing business. At the moment, businesses are collapsing and the private sector is suffering. A booming private sector will mean a booming economy, which will, in its wake, create opportunities and employment for many in this country.
4. In the medium to long term, our main objective is the structural transformation of our economy. This IMF bailout should point in that direction, i.e. the modernisation of agriculture and the industrialisation of the country.
Ghanaians have to measure whatever package/agreement is reached with the IMF by these four criteria. Then we will know whether we have got a good deal or not.”
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