Don’t blame Ghana’s decision to opt for IMF bailout on economic mismanagement, says Akufo-Addo

The President Nana Addo Dankwa Akufo-Addo has said Ghana’s decision to opt for an IMF programme cannot be attributed to economic mismanagement.

Speaking on a local radio station in Damongo on Wednesday, 24th August, 2022 as part of his two-day visit to the Savannah region, Akufo-Addo said his government is rolling out a raft of measures to deal with inflation and the depreciation of the cedi.

inflation currently stands at 31.7 percent whiles the local currency the Cedi has recirded its worst performance recently after depreciating by about 30 percent in July.

Meanwhile Vice President Dr Mahamudu Bawumia has said he cannot be blamed for Ghana’s decision to opt for an International Monetary Fund programme to help stabilise the economy.

Bawumia has recently come under heavy criticism as head of the economic management team following governments decision to seek an IMF bailout.

Speaking as the guest of honour at the official launch of Accra Business School’s IT Programmes on Thursday(14 July), Bawumia said government the decision to seek an IMF support is as a result of quadruple whammy .

“The energy sector excess capacity payments, the banking sector clean-up, COVID-19 and the Russia- Ukraine war are events that has pushed the country to seek the support of the Bretton Woods institution.”

“If you take out the fiscal impact of these quadruple whammy, Ghana will not be going to the IMF for a support because our fiscal and debt and balance of debt outlook,” Bawumia said.

Bawumia says the recent global economic challenges must force Ghana to be more self-reliant.

Source: ghextractives.com