First and foremost, let me state categorically that:
- IMF was the FIRST OPTION for incompetent John Mahama in 2015 after massive borrowing to pay judgment debts and misappropriation of funds for SADA, GYEDA coupled with DUMSOR.
- IMF was never an option for Akufo-Addo’s Government during the period of the COVID-19 pandemic. The Economic Management Team was able to adopt homegrown strategies to successfully handle the COVID-19 Crisis without an IMF bailout.
During the COVID-19 period, our neighboring countries such as Nigeria, Ivory Coast, and others heavily relied on IMF emergency loans to deal with the COVID-19 situation.
- IMF became the LAST OPTION for Akufo-Addo’s Government after the combined effects of post-COVID-19 and the recent Russia-Ukraine War, lack of full cooperation of some Ghanaians on homegrown policy such as E-levy and deliberate sabotage of NDC’s Members of Parliament against US$1 billion syndicated loan.
Akufo-Addo’s Government only sought IMF partnership when all options have been exhausted.
However, the records of Akufo-Addo’s Government under the IMF programme before exiting in December 2018 clearly demonstrated that NPP Government is STILL the better Managers of the national economy under Crisis.
Mahama’s Government under IMF:
- FAILED to bring down Inflation to between 11%- 12% by end of 2016 as required by IMF.
- FAILED to Increased growth rate to between 5%-6% by the end of 2016 as required by IMF.
- FAILED to Solve DUMSOR by the end of 2016 as required by IMF.
- FAILED to restore Fiscal Discipline by the end of 2016 as required by IMF.
- FAILED to restore allowances for Teachers and Nursing Trainees as demanded by the Students.
- FAILED to implement FREE SHS as wished by Ghanaian parents.
- FAILED to abolish 16 Nuisance Taxes are demanded by Traders and the business community.
- FAILED to employ graduates in the public sector as part of the conditions of IMF.
Interestingly, Akufo-Addo’s Government under IMF from 2017 SUCCESSFULLY ABLE to:
- Solved Dumsor before existing IMF.
- Abolished 16 Nuisance Taxes before exiting IMF.
- Implemented FREE SHS before exiting IMF.
- Employed 100,000 graduates under NABCO, about 60,000 under Youth in Afforestation, about 93,000 GES employees recruited, and around 70,000 plus nurses were employed before existing IMF.
- Achieved inflation rate of 9.84% in 2018 before exiting IMF.
- 1 District 1 Factory commenced before exiting IMF.
- Banking Sector Clean-up was done before exiting IMF.
- Fiscal Discipline was Restored before exiting IMF.
- Growth rate of 8.13% and 6.2% were achieved for 2017 and 2018 respectively before exiting IMF.
Authoritatively, Akufo-Addo’s Government under IMF performed better than Mahama’s Government under IMF.