5 Things Nana Akufo-Addo Has Said About IMF Bailout After $600 Million Hit BoG Accounts

5 Things Nana Akufo-Addo Has Said About IMF Bailout After $600 Million Hit BoG Accounts

  • Nana Akufo-Addo has spoken for the first time about the IMF bailout during a mammoth rally held in Kumawu in the Ashanti Region
  • According to him, it is not true that he mismanaged the economy and run to the IMF because 29 other countries have signed up for various programmes with the Fund
  • He said before he concludes the end of his tenure in 2024, he would have fulfilled all his promises to Ghanaians and put the economy in a much better shape

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After the first disbursement of $600 million of the total $3 billion IMF bailout into the accounts of the Bank of Ghana (BoG) on Friday, May 19, 2023, President Nana Akufo-Addo has been speaking about Ghana's return to the Fund.

The president used a rally by the governing New Patriotic Party (NPP) in Kumawu, ahead of a bye-election on Tuesday, May 23, as a platform to comment on the bailout for the first time.

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Nana Akufo-Addo speaks about the IMF bailout at Kumawu rally.
Thousands thronged the rally held in Kumawu in the Ashanti Region (L) and Nana Akufo-Adoo speaking to party supporters at the event. Source: Facebook/@ernyanim
Source: Facebook

He said many things, but specifically about the IMF loan, these are the five key things he said:

1. Akufo-Addo denies "economic mismanagement" tag

Nana Akufo-Addo said it is true that his government returned to the International Monetary Fund because his government had mismanaged the economy.

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He insists that Ghana is not the only country seeking an IMF bailout but other countries like Tunisia and Ivory Coast and over 25 other states all have programmes with the Bretton Woods institution.

2. Dumsor under Mahama's government and external factors forced Ghana to return to IMF

Nana Akufo-Addo also stated that his administration inherited a debilitating power crisis or ‘dumsor’ when it took over in 2017. According to him, it cost his administration a lot of money to fix the power crisis.

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That coupled with the COVID-19 pandemic which pounded a lot of economies forced his administration to seek the IMF programme.

3. It is unfair to tag the Akufo-Addo government as incompetent

Nana Akufo-Addo said considering how his government has ensured that the economy has not tanked despite the COVID-19 pandemic and other global events, it is unfair for the opposition to say his administration has plunged the economy into economic distress.

In his view, it is not a sign of economic mismanagement if countries seek an IMF bailout in these harsh conditions.

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4. Mahama's comments on Free SHS do not make him trustworthy

Nana Akufo-Addo told a packed rally of NPP supporters that former president John Mahama, the opposition NDC presidential aspirant for the 2024 election, has failed to prove to Ghanaians that the Free SHS policy has been a failure.

He slammed Mahama during his speech at the rally, stating that the former president has been inconsistent in his comments on the Free SHS.

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According to him, the NDC flagbearer has now shifted his argument from cancelling the programme to expanding it to include private second-cycle schools.

5. Nana Akufo-Addo promises to do more in 19 months

Nana Akufo-Addo said with about 19 months to end his tenure, he will do well to deliver very well on his promises.

“I have 19 months to go; 19 months to complete the work that you gave to me in 2017. We’ve done a lot of the work already. Those who have eyes to see can see that we’ve done the work already," he boasted.

Akufo-Addo will never sack Ofori-Atta

Meanwhile, YEN.com.gh has reported in a separate story that Dr Clement Apaak last week reminded President Akufo-Addo that he promised to sack finance minister Ken Ofori-Atta once the IMF deal was sealed.

Dr Apaak said he doubts that the president will sack the finance minister who has been under pressure from both the Minority and Majority sides to resign or be sacked.

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IMF's Executive Board approved Ghana's request for a $3 billion loan to fix Ghana's troubled economy last week.

In a post on Facebook, Dr Apaak, NDC MP for Builsa South said he doubts that the president will sack the minister despite the widespread calls for him to do so.

Free SHS and other programmes safe under $3 billion IMF bailout

Also, YEN.com.gh reported in a separate story that the finance minister gave the assurance that the free SHS programme will not be affected under the $3 billion IMF programme.

Ken Ofori-Atta gave the assurance on Thursday, May 18, 2023, during a press conference organised by the IMF and the government of Ghana.

He said the programme with the Bretton Woods institution is clear on protecting the vulnerable in Ghanaian society.

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Source: YEN.com.gh

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