IMF deal: Brace yourself for the worst times — Okudzeto Ablakwa

IMF deal: Brace yourself for the worst times — Okudzeto Ablakwa

Member of Parliament for the North Tongu Constituency, Samuel Okudzeto Ablakwa, has urged Ghanaians to brace themselves for more hardship under the International Monetary Fund (IMF) programme.

According to the lawmaker, circumstances leading to the request for a rescue by the government are not favorable enough, thus, leaving the country with a subtle relief even after the intervention of the IMF.

Mr. Ablakwa noted on Metro TV’s Good Morning Ghana on Friday, 19th May 2023, that not enough respite is to be felt but rather suggests sturdy times ahead.

He explains that Ghana’s economic woes had become irreparable even before the extremely blamed external factors came to play, a situation in the purview of the IMF which they describe as an acute crisis.

“Large external shocks have exacerbated pre-existing fiscal and debt vulnerability resulting in the loss of international market access, increasing constraints, domestic financing and reliance on monetary funds, financing of the government, decreasing International reserves, cedi depreciation, rising inflation, plummeting domestic investor confidence, eventually triggered an acute crisis.”

He blames hugely the dilapidated and irreversible economic challenge on indiscriminate mismanagement by the helm of affairs.

“Look at some of the pet subjects that I pursued time without number and they ignored me, presidential charters, €20,000 an hour when we have a presidential jet. The president was living like an Arabian king, like a Russian oligarch, like a British aristocrat at the same time, he wouldn’t listen to good counsel,” he said.

The North Tongu MP noted also that the building of the National Cathedral was the final nail in the coffin of the Ghanaian economy.

“Then he has an encounter with God, he says and promises God he will build him a cathedral which we have assessed that by the time we are done in its discretion, it would have cost this nation over a billion dollars. Those are the things we were spending on.”

He stresses that the economy is deteriorating and that the intervention of the IMF is not enough, thereby, requiring internal tax measures to help matters.

He added that the lack of transparency and concealing nature of the government makes it difficult to know where the country is headed, admonishing Ghanaians to be ready for the inevitable.

“Ghanaians should brace themselves. This is going to be the most painful, the most bitter IMF programme.”

Mr. Ablakwa further urged Ghanaians to demand accountability from the government and not be intimidated by the offers it throws at them along the line.

By: Leonora Enyonam Annoh | | Ghana

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