Ghana had to ‘amputate’ diabetic economy to qualify for IMF bailout – Adongo

Member of Parliament for Bolgatanga Central Isaac Adongo has disclosed Ghana had be made to take drastic economic measures before placing its request for the $3 billion bailout from the International Monetary Fund (IMF).

According to the ranking member for the finance committee of parliament, the development is as a result of how poor the Akufo-Addo and Bawumia administration had managed the country’s economy.

Addressing journalists in parliament on June 21, Isaac Adongo disclosed the fund had to wave off many conditions for Ghana to qualify in order to save the ailing economy.

“Ghana’s peculiar emergency situation is so unprecedented that it compelled the fund to handle her as a special patient seeking treatment. Government of Ghana was earlier forced to restructure domestic bonds with dreaded haircuts before approaching the IMF.

This scenario can be likened to the situation where the doctors asks chronic diabetic patient to amputate his leg before coming to the hospital for help. It is, therefore, unsurprising that many analysts had to silently watch how IMF waived off many of its conditions precedent (financing assurances) to have a deal for Ghana to save it from total disappearance as an economy.This is how cluelessness, indecision, incompetence and ignorance of economic management has brought Ghana,” he stressed.

Isaac Adongo further questioned the basis for celebration on the part of finance minister Ken Ofori-Atta who has constantly announced that Ghana clinched the deal in record time.

A move which Adongo has described as an embarrassment.

“This week, the Minister for Finance [Ken Ofori-Atta] effectively announced that Ghana’s position as a bankrupt and insolvent Country whose sovereign is now worth a worthless sheet of paper will be officially achieved and announced in September ahead of the next IMF review in October and an IMF board consideration in November 2023. It therefore shocks me that such an embarrassing “achievement” is being celebrated as an update of Nkrumah’s Ghana,” the lawmaker lamented.