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Sunday, August 7, 2022

Blaming COVID-19 and Russian-Ukraine war for economic crisis is propaganda – Gyampo

Professor-Ransford-Gyampo (Facebook)

A political scientist at the University of Ghana, Professor Ransford Gyampo, has called on the government to take responsibility for the current state of the economy.

According to him, the constant reference to COVID-19 and the Russia-Ukraine war, by the government, as the causes of the economic predicament, amounts to ‘propaganda’.

In a Facebook post on Wednesday, the lecturer advised the government to admit its lapses, as it works to put the economy on a better footing.

“Admission of mistakes is a key part of redress. It is not possible that Government did everything right and yet we are seeking an IMF bailout. Blaming everything on Covid and Russia-Ukraine crisis without admitting what we didn’t do right, is propaganda”, Professor Gyampo wrote.

In an earlier post, he also called on the government to constitute an all-inclusive team of experts in its negotiations with the International Monetary Fund (IMF).

In his view, this will help the country reach a more favourable agreement with the multilateral lender.

“The selection of a team to negotiate any IMF bailout must not be saddled with winner-takes-all and winner-knows-all. Other experts and independent minds who aren’t party people must be included for the sake of the national interest,” he suggested.

This suggestion by the political scientist comes on the back of the government’s decision to fall on the IMF to resolve the country’s ailing economy.

In a statement on Friday, July 1, the Information Minister, Kojo Oppong Nkrumah, disclosed that President Akufo-Addo had directed the Finance Minister, Ken Ofori-Atta, to engage the IMF for economic support.

Mr Ofori-Atta is, therefore, expected to meet a crack team of experts from the IMF today to delve into the substance of Ghana’s request and reach an agreement in that regard.

Details of the arrangement between Ghana and the IMF is expected to be made public after the close of discussions between the government’s delegation and the global lender, the IMF.

Meanwhile, public angst against the government’s decision to return to the IMF continues to deepen.

The critics of the move are still stressing that Ghana’s economic woes are not based on a lack of financial resources but rather a case of bad leadership, a reason the move may not yield any dividends.

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