General News of Friday, 27 February 2015
In a post-State of the Nations address analysis, Chairperson of the Convention People’s Party (CPP), Samia Nkrumah has asked President Mahama to provide details of conditions associated with Ghana’s $1billion bailout package from the International Monetary Fund.
“I would want the State of the Nation address to speak to us plainly, let the people of Ghana know what are the conditions attached to the IMF bailout,” the first female leader of a major political party in Ghana said.
The mention of IMF brings memories of harsh retrenchment policies, sale of over 300 state-owned assets and skyrocketing prices of foodstuffs.
These effects were part of conditionalities when Ghana dealt with the IMF in the late 80’s and 90’s.
Ghana has once again agreed on a fourth bailout in 30 years after concluding a meeting with the IMF on Wednesday.
The economy faces serious fiscal challenges.
According to Samia Nkrumah, a grim picture is already emerging even before Ghanaians breast the tape of the completed IMF program in 2018.
“People are finding it difficult to afford even a second meal, a good second meal. Prices of food are high. There is ‘dumsor’, businesses are suffering”.
She said having experienced the challenges first hand as Ghanaians, people already know the State of the Nation.
They would appreciate only a little more honesty from Ghanaian leaders.
Picking out an example of dishonest claims by Government, she said it won’t be possible for President Mahama to talk about transforming the economy and at the same time “implementing policies that will make it very difficult to add value to raw materials.”
Samia Nkrumah’s comments tie in with an assessment made by economist Osei Assibey, who explained last week that Government’s campaign to encourage Made-in-Ghana goods was flattering.
He pinned this down largely to the harsh macroeconomic conditions that are making it suicidal to set up a small manufacturing company and still remain in business after a year.