First and foremost, let me state categorically that:
1. IMF was the FIRST OPTION for incompetent John Mahama in 2015 after massive borrowing to pay judgment debts and misappropriation of funds for SADA, GYEDA coupled with DUMSOR.
2. IMF was never an option for Akufo-Addo’s Government during the period of the COVID-19 pandemic. The Economic Management Team was able to adopt homegrown strategies to successfully handle the COVID-19 Crisis without an IMF bailout.
During the COVID-19 period, our neighboring countries such as Nigeria, Ivory Coast, and others heavily relied on IMF emergency loans to deal with the COVID-19 situation.
3. IMF became the LAST OPTION for Akufo-Addo’s Government after the combined effects of post-COVID-19 and recent Russia-Ukraine War, lack of full cooperation of some Ghanaians on homegrown policy such as E-levy and deliberate sabotage of NDC’s Members of Parliament against US$1 billion syndicated loan.
Akufo-Addo’s Government only sought IMF partnership when all options have been exhausted.
However, the records of Akufo-Addo’s Government under the IMF program before exiting in December 2018 clearly demonstrated that NPP Government is STILL the better Managers of the national economy under Crisis.
Mahama’s Government under IMF:
1. FAILED to bring down Inflation to between 11%- 12% by end of 2016 as required by IMF.
2. FAILED to Increased the growth rate to between 5%-6% by the end of 2016 as required by IMF.
3. FAILED to Solve DUMSOR by the end of 2016 as required by IMF.
4. FAILED to restore Fiscal Discipline by the end of 2016 as required by IMF.
5. FAILED to restore allowances for Teachers and Nursing Trainees as demanded by the Students.
6. FAILED to implement FREE SHS as wished by Ghanaian parents.
7. FAILED to abolish 16 Nuisance Taxes are demanded by Traders and the business community.
8. FAILED to employ graduates in the public sector as part of the conditions of IMF.
Interestingly, Akufo-Addo’s Government under IMF from 2017 SUCCESSFULLY ABLE to:
1. Solved Dumsor before existing IMF.
2. Abolished 16 Nuisance Taxes before exiting IMF.
3. Implemented FREE SHS before exiting IMF.
4. Employed 100,000 graduates under NABCO, about 60,000 under Youth in Afforestation, about 93,000 GES employees recruited, and around 70,000 plus nurses were employed before existing IMF.
5. Achieved inflation rate of 9.84% in 2018 before exiting IMF.
6. 1 District 1 Factory commenced before exiting IMF.
7. Banking Sector Clean up was done before exiting IMF.
8. Fiscal Discipline was Restored before exiting IMF.
9. Growth rates of 8.13% and 6.2% were achieved for 2017 and 2018 respectively before exiting IMF.
Authoritatively, Akufo-Addo’s Government under IMF performed better than Mahama’s Government under IMF.