The Ashanti Regional Chairman for the New Patriotic Party (NPP), Mr. Bernard Antwi-Boasiako, has said the previous IMF programme failed under the previous government because former President John Dramani Mahama “sat on the money” meant for development.
Responding to a question raised by Professor Steven Hanke, the NPP Chairman popularly known as Chairman Wontumi asserted that the factors which forced this current government to seek IMF bailout is different from what drove the government of Mahama to apply for one.
“There was no COVID 19 or Ukraine war happening when Mahama went in for the IMF bailout. Ghana was doing the right thing and external factors forced us to apply for the fund under President Akufo-Addo”.
“Prof. Hanke should know that there is no dumsor as we speak but the previous one failed because John Mahama’s government created dumsor and used the money buy estate houses in Dubai”, he said
Professor Steve Hanke is doubting whether the recently-approved $3 billion programme by the International Monetary Fund (IMF) for Ghana will achieve the desired results.
He says his doubts come on the back of the failure of the previous programmes Ghana got from the Fund.
“Today, I measured inflation for #Ghana at 50%/yr. Another IMF program won’t save Ghana. After all, all of Ghana’s past IMF programmes have failed. Why would a new one work?” he tweeted.
Meanwhile, the IMF Mission Chief for Ghana Stéphane Roudet, has said that the programme will result in reforms in the energy and cocoa sectors.
Also, he said the programme would result in reforms to encourage private sector investments and also build international reserves.
“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference in Washington on Thursday, May 18.
“It will be restoring macroeconomic stability, for higher and more inclusive growth. It has reforms that will make the economy more resilient and likely to withstand shock in the future,” he added.