IMF loan no go save Ghana economy - US Economist
Wia dis foto come from, Steve Hanke/Facebook, Nana Akufo-Addo/Twitter
Govment of Ghana U-turn decision to meet de International Monetary Fund (IMF) for bail out dey divide heads in de country.
One group feel say going to de IMF be de right decision while de other group feel say going to IMF no go help Ghana.
International economist from John Hopkins University, USA, Professor Steve Hanke say de current IMF programme Ghana want sign to go fail.
According to Professor Steve Hanke, “in last ditch effort, govt start dey negotiate w/ de IMF on bailout deal. SPOILER ALERT: Another IMF loan no go save GHA’s economy.”
“Like de past 17 IMF programs, a new one go fail” he add.
He also reveal say based on exchange rate data from free and black market, annual inflation rate for Ghana go dey around 49.35%.
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Inflation rate den weak Ghana cedi dey add to de palava
Meanwhile, de Ghana cedi dey remain weak within de currency market sale of e depreciate by 29% against de USD.
“De cedi depreciate by 29% against de USD since Jan. 2020” Professor Hanke reveal. “De Ghana cedi be central bank junk currency” he add.
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'IMF be de only option for Ghana'
Wia dis foto come from, JOHN MACDOUGALL
Despite de claims by de US Economist, some Ghanaians experts like Dr Theo Acheampong believe say govment no get option than to go IMF.
He believe say dis move saf be long overdue sake of de problems start dey emerge no be today.
De Acheampong no talk whether dis go save Ghana or not but he sure say e be what govment dey need right now.
He however add say govment for reshuffle minsters, den remove de Finance Minister, Ken Ofori-Atta in particular to bring in fresh minds into governance.
De Finance Minister introduce 1.5% electronic transactions tax to raise revenue instead of going to IMF, but govment hit only 10% of de revenue targets after dem implement de levy.
Trade Unions dey kick against IMF move
Trades Union Congress (TUC) for Ghana dey kick against plans of govment to seek bailout from IMF.
General Secretary of TUC, Dr. Yaw Baah add en voice to groups wey dey oppose de IMF move.
He believe say de conditions wey IMF bailouts dey come wit no go help.
According to Dr Yaw Baah, “govment go IMF 16 times, but we dey where we dey today, that no be de solution.”
“E dey like saying dis no dey work. So make we do more. E no dey make sense” he talk.
we are where we are today therefore, that is not the solution. It’s like saying that this is not working. So let’s do more of it. It doesn’t make sense,” he said.
De Trade Union Congress make dia position clear say going to IMF go only worsen de growth in Ghana.
Ghana Gov blame economic challenges on Covid-19 and Russia-Ukraine crisis
In de statement wey reveal de plan to go to IMF, Ghana govment say dem dey go IMF for balance of payment support.
“De engagement wit IMF go provide balance of payment support...to quicken govment build back in de face of challenges wey Covid-19 and Russia-Ukraine crisis cause” de statement read.
Inflation, fuel price hikes bore Ghanaians
Inflation rate for Ghana reach one of de highest in de history of de country as e catch 27% at de end May.
Starting de year around 13.9%, de inflation rate shoot up de price of food, goods and services, living costs den tins.
Meanwhile, de hikes in fuel prices also add on to de cost of living as transport affect most parts of de Ghanaian economy.
Dis cause high living costs in de country, a situation wey cause youth group called #AriseGhana embark on two-day protest against govment last week.
De youth group mount pressure on leaders to address de challenges in de economy, two days after wey givemrnt announce de IMF move.
Last time Ghana go IMF be 2015
De last time Ghana go IMF be in 2015 when de country plunge into economic crisis.
Ghana at de time secure $1bn IMF loan to revive de economy.
IMF team go dey in Ghana dis week to meet wit govment to discuss de way forward after dem reach out for financial bailout last week.
