The founder and leader of All People’s Party (APC) Dr. Hassan Ayariga have lambasted both the ruling New Patriotic Party (NPP) and the opposition National Democratic Congress (NDC) for sending Ghana to International Monetary Fund (IMF) bailout for the seventh time. According to him, former President John Mahama and the NDC took Ghana to the IMF program in 2015 and again headed to IMF for another bailout program.
He stated that Ghana’s economic downturn started before the arrival of Covid 19 and both IMF and World Bank have echoed it in their reports adding that Ghana’s swift journey to the IMF collaborates with the fact that both the NPP and NDC have nothing to offer the Country.
Ayariga debunks the government’s theory that the ailing economy is due to COVID-19 and Russia’s invasion of Ukraine. “My question to the incumbent government that is the impact of COVID-19 and Russian war in Ukraine exclusively a Ghana? How can a global phenomenon skip Cote d’Ivoire and all the surrounding countries and ONLY attack Ghana, how, how does it happen?” the leader of APC asked. Adding that the NPP in 2017 unleashed the much-touted Economic management team chaired by the Vice President of the Republic of Ghana Dr. Mahamudu Bawurnia and Senior minister Yaw Osafo Marfo as Vice-Chair, other members are Ken Ofori Atta, minister for finance, Dr. Owusu Afriyie Akoto, Minister of Food and Agriculture, John Peter Amewu, Minister of Energy, Professor George Gyan Baffour, Minister for Planning, Alan Kwadwo Kyeremanteng, Minister of Trade and Industry and Dr. Anthony Akoto Osei, Minister for Monitoring and Evaluation with Joe Amoako Tuffour as the team’s Secretary. The all-knowing Economy management team headed by the Economic Messiah Dr. Bawumia failed to deliver after a series of audacious promises to transform Ghana from consumption to production and arrest the ‘Dollar’. “The NPP again dissolved the Economic management team after a series of setbacks and Constituted a committee of over 20 Eminent Persons to manage Ghana’s ailing Economy which performed worse than the Bawumia led Economic management team. He called on the government to embrace an inclusive model of governance and embrace diversity for the economic growth of the country.
Dr. Ayariga further called on the President to get nonperforming ministers out and hold all office executives accountable for their stewardship as well as adapt the best economic models that drive value for money outcomes and avoid investments that do not yield positive outcomes. “We have borrowed to the extent that we cannot borrow again. Ghana has been downgraded to C which means we cannot pay debts when we borrow” he noted.
Ghana is not only broke it is bankrupt and has become so incredible to the extent that nobody is willing to lend the country money. “Can you imagine that we’ve mortgaged everything that we have for the next generation for borrowing and you think we’ve done well in 65 years?” due to moody’s downgrade, Ghana cannot raise funds internally to support its balance of deficit, because no one is willing to buy our bonds; thus, the need to seek IMF bailout. Dr. Hassan Ayariga stated that the E-levy has become a disaster hence the need to go to IMF Bailout to restore credibility to get some internally generated resources. IMF comes in purey for stabilization, balance of payment support and liquidity support and the government is obliged to embark on a structural adjustment program.
He revealed that the turnaround of the NPP Government for an IMF bailout is disappointing to a greater number of Ghanaians due to previous statements made by the finance minister honorable Ken Ofori Atta and the President that, their government will never seek an IMF bailout as a road map for economic liberation. It is obvious that mismanagement of funds through corruption has left the government with no other option but to turn to the IMF for a bailout. Going to IME for a bailout is not the major problem but the concern and worry are that with these same people and group of corrupt officials the story will remain unchanged with funds from the IMF.
Source: Muhammed Faisal Mustapha