$600m tranche of IMF bailout cannot change the woes of Ghana — Kwesi Pratt

Ace Journalist, Kwesi Pratt Jnr. has said that the much-talked-about first $600m tranche from the International Monetary Fund (IMF) is insufficient to change the current economic predicament.

He expounds that the untold hardship of the country coupled with the incessant government borrowing will need more than 600 million dollars to ground the economic foundation of the country.

Speaking on Metro TV’s Good Morning Ghana on Wednesday, 17th May 2023, Mr. Pratt stated that the destiny of the country cannot change with the rumoured first tranche of money it hopes to get from the IMF.

“But even if it were true, what will 600 million do to Ghana? Over the last 3 years, look at the loans we have taken. Just calculate the loans we have taken. What did we do with that and if we didn’t do anything with that and we still got into the problems we are in now? I am not so optimistic that 600 million dollars will change our destiny,” the Managing Editor of the Insight Newspaper said.

Unpacking the analysis of Ghana’s intention to restructure its business with the international community by the host of the show, Dr. Randy Abbey, Mr. Pratt noted that the government’s bid to have a right standing with the international communities has plunged the country into a cyclical rotation of borrowing to pay off borrowed monies.

“We want to get the credibility to borrow more. My goodness! We are suffering from overborrowing. Our disease is that we are over-borrowing, and the cure is to borrow more. It doesn’t make sense to me,” Mr. Pfratt stated.

The ace journalist indicates that he cannot wrap his head around the government not finding ways to have resources generated in the country maintained.

“The problem is that if we add what we are borrowing and what we are generating, it is not able to pay our bills, why are we not looking at the wealth which is generated here which does not stay in the Ghanaian economy? Nobody is talking about that,” he said.

He stressed that the foreign exchange retention agreement with mining companies is a good internal revenue generation that when reviewed will help the country.

Meanwhile, Mr. Pratt has called for a halt in the external generation of monies and focus on generating and maintaining funds and resources accrued in the country.

By: Leonora Enyonam Annoh | Metrotvonline.com | Ghana

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