President Akufo-Addo has the record of bringing the country back from IMF – Western Regional Minister

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The Western Regional Minister, Kwabena Okyere Darko-Mensah says the government of the New Patriotic Party led by President Akufo-Addo has the record to bring back the country from the IMF as the country begin the processes to engage the fund for support to help it revive its ailing economy.

According to him, the party’s record gives confidence that Ghana would be better and soon exit the IMF programme.

The Western Regional Minister made the remarks at the launch of Takoradi Technical University’ s TESCON Chapter in Takoradi over the weekend.

Mr. Okyere Darko-Mensah, explained that, President Akufo-Addo’s government has been a good manager of the country’s economy, taking into consideration the COVID-19 pandemic and the recent conflict between Russia and Ukraine.

He said, the world commending Ghana over how it managed COVI-19 shows how well President Nana Akufo-Addo has been driving Ghana.

He stressed that former President John Agyekum Kuffour sought for IMF support and came out successfully. But in the case of former President John Mahama who ate all the meat leaving only the bones, when he went to IMF for economic bailout, it took the good economic management of Nana Addo Dankwa Akufo-Addo to bring the country back from the IMF programme in December 2018. So, the NPP party is capable of doing it again because it has the record.

“So, if today, we have decided to go to IMF to support us as a country, Nana will bring us back out of IMF, because we have done it before as a party, we have done it before as a party,” he said.

To this end, Mr. Okyere Darko-Mensah, indicated that the grounds upon which the previous government went for the IMF bailout is different from the current global challenge, adding that the NPP government would have not gone for IMF bailout, if COVID-19 pandemic and Russian-Ukraine war has not occurred.

Read Also: https://ghananest.com/were-ready-to-assist-ghana-restore-macroeconomic-stability-imf/

President Nana Addo Dankwa Akufo-Addo on Friday, July 1, 2022 authorized the Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), to support the country’s economy.

The engagement with the IMF will seek to provide a balance of payment support as part of the effort to quicken Ghana build back in the face of challenges induced by the COVID-19 pandemic and recently, the Russian-Ukraine crisis.

In April 2015, the country turned to the IMF for a $918 million loan to support its ailing economy and help stabilize the economy.

The IMF advisors, working with the government at the time, developed a three-part programme to restore debt sustainability, strengthen monetary policy and clean up the banking system.

Ghana exited the IMF programme in December 2018, and during the 2019 budget presentation to Parliament by the Finance Minister, Ken Ofori-Atta, assured the country that the government would back the IMF reforms with legal and institutional measures to ensure the irreversible of the gains made.

Ghana has gone for IMF programme 16 times since independence and 5 times in the Fourth Republic.

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