The Member of Parliament for Bawku Central has claimed the Akufo-Addo administration took a decision to extend Ghana’s three years credit facility with the International Monetary Fund (IMF) because the government’s policies lack credibility.
The IMF deal, which was to end in April 2018, has now been extended to end in 2019 because certain targets under the programme have not been met.
But According to Isaac Adongo, the government is extending the programme “because they feel that the IMF gives them a better credibility to give confidence to the investors than their own economic management module.”
“So are we now saying that the IMF is the one that we are looking to for policy credibility in order to improve investor confidence in Ghana?”
Backing his claim, he said government in March raised GHc 12 billion, but subsequently, the highest they have been able to raise is about GHc 1.5 billion.
“It tells you that investor confidence is waning and they themselves don’t have a solution that will appeal to the investors and they need a hand holding and the comfort that the IMF gives – the very comfort that was sought by President John Mahama,” he said.
“With all the theories of Dr. Bawumia… they still have to go back and resort to a very poor economic management module of the IMF, which is now the solution of a government that is supposed to be far better than us.”