$3 billion IMF loan go fit solve Ghana economy crisis?

Ghana, one of de biggest producers of both gold and cocoa in de world dey suffer de worst economic crisis in recent history.

Inflation dey around 41% average, while de price of goods dey on de rise.

But e be possible say Ghana get better days ahead after de country get IMG Board approval for $3bn dollar loan facility.

Di three-year loan facility dey target bringing de Ghanaian economy back on track.

But e be possible say dis $3 billion IMF loan to improve de current economy of Ghana?

Why Ghana economy dey inside dis mess?

Ghana, wey get reputation as one of African best run kontris dey struggle to recover from de combined effects of global Covid pandemic and de war for Ukraine.

President Nana Akufo Addo bin admit last year October say de country dey in crisis, wey e tok say na some factors cause am.

But de opposition also don blame de President for wetin dem say be “gross mismanagement" of de economy - allegation wey goment dey deny.

De size of Ghana debt now dey for almost 90% of de total annual value of de economy.

Govment bin default in de payment of dia loans, sake of dis, dem restructure dia debt wit creditors to qualify for di IMF bailout.

Foreign reserves of Ghana dey virtually empty, dis make am hard to pay for imports which de dollar dey affect.

So IMF loan go fit make any difference?

De long wait for IMF loan finally don dey over afta IMF announce de decision to support Ghana wit de loan facility.

But dis na di 17th time since independence, more than six decades ago wey Ghana go opt for IMF programme.

De expectations be say de program go significantly slow inflation rate to ensure say de local currency be stable.

Dis go slow down de cost of living den make prices of goods affordable for de ordinary Ghanaian.

De international market bin blacklist Ghana as risky kontri to borrow money, but wit dis new IMF programme, de markets go open for business.

Dis go be de 17th time Ghana go IMF for bailout, dis situation dey make some pipo feel say de $3 billion no go make any difference.

Dis new bailout programme na for a maximum period of three years and afta dat, many dey weda tins go go bad again.

Although many Ghanaians believe the bailout go address current challenges, e no go lead to poverty reduction, job creation or salary increases, economist Professor Godfred Bokpin of the University of Ghana talk.

He add say de biggest challenge to implementing de IMF programme go be next year when Ghana hold dia 2024 elections.

Goment for Ghana get history of spending plenty money ahead of elections - in order to show voters di good job dem dey do, even if dem no get di money.

“We get other programmes wey go help us bring back growth, help de private sector and get de cost of living under control," Information Minister Kojo Oppong Nkrumah talk.

He tell BBC say de government get plans to boost industry and agriculture den create more jobs.

But de opposition National Democratic Congress no dey see how dis go improve de economy of Ghana.

Wetin be di conditions for di IMF loan?

Ghana goment gatz increase dia income, as dem dey reduce spending, Information Minister Kojo Oppong Nkrumah tell BBC.

Dis mean say taxes dey likely to rise, along wit di price of water, electricity and fuel, Prof Bokpin tok.

Di goment don already introduce new taxes on things like cigarettes, sweet drinks, spirits and wine, dem don also put increase in income tax - all of which go hit some pockets hard.

Di goment admit say di IMF programme no be di solution.

"We get oda programmes to help us bring back growth, help di private sector and get di cost of living under control," Mr Nkrumah tok.

He tell BBC say goment bin get plans to boost industry and agriculture and create more jobs.

But di opposition National Democratic Congress no dey sure of goment plans.

Di finance minister gatz find how to reduce goment spending, but officials don tell BBC say poverty reduction policies no go dey compromised.