President John Dramani Mahama has reaffirmed the government’s commitment to successfully completing the International Monetary Fund (IMF) programme.
He said the government had no intention of quitting the three-year $940 million Extended Credit Facility (ECF) programme, especially when the consolidation and reviews were on course.
The president expects that the programme will successfully end in 2017.
Here are three times that people criticised the IMF deal:
1. The Trades Union Congress (TUC) spoke against it
The Ghana Trades Union Congress (TUC), in 2014, stated that Ghana did not need the International Monetary Fund (IMF) to successfully implement policies that will change the economic fortunes of the country.
“We need strong and bold leaders who can formulate and implement appropriate made-in-Ghana policies,” it said, stressing that “we are ready to work with the government to implement such home-grown policies but not IMF-sponsored policies,” the union said in a statement.
2. CPP spoke against it in 2015
The national chairperson of the Convention People’s Party (CPP), Samia Yaba Nkrumah, stated that the solution to addressing the economic woes of Ghana was not support from the IMF.
“What Ghana needs is human-centered development and to build upon its homegrown economy and not IMF. The country has the expertise to turn what it has for local consumption,” she said.
3. Bawumia criticised it in 2016
The New Patriotic Party (NPP) running-mate described the IMF programme as a sham.
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He said Ghana entered the program to help the country’s ailing economy but had seen a deterioration in its economic situation.
“When we went for the IMF bailout, we expected that our physical consolidation debt stock, interest rates and unemployment will come down and economic growth will go up,” Dr Bawumia said.