Close Menu
Ghana ElectionsGhana Elections
  • Elections
  • Politics
  • Business
  • Social
  • Editor Picks
  • Technology
  • Sports

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Mahama Ayariga confirmed as Majority Leader

I trust Haruna Iddrisu’s ability to excel as Education Minister – Ntim Fordjour

Mahama’s inauguration: Burkina Faso’s Traore’s sidearm and its implication

Facebook X (Twitter) Instagram YouTube
Facebook X (Twitter) Instagram Pinterest Vimeo
Ghana ElectionsGhana Elections
  • Elections
  • Politics
  • Business
  • Social
  • Editor Picks
  • Technology
  • Sports
Subscribe
Ghana ElectionsGhana Elections
You are at:Home»News»Ghana had to ‘amputate’ diabetic economy to qualify for IMF bailout – Adongo
News

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

Ghana ElectionBy Ghana ElectionJune 23, 2023No Comments2 Mins Read
WhatsApp Facebook Twitter Telegram LinkedIn
Ghana had to ‘amputate’ diabetic economy to qualify for IMF bailout – Adongo
Isaac Adongo, MP Bolgatanga Central
Share
Facebook Twitter LinkedIn WhatsApp Email

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.

 

Source: ghanaweb.com

Share. Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Telegram Email
Previous ArticleTell us your track record in building a single infrastructure for digitalisation – Adongo to Bawumia
Next Article FULL TEXT: John Mahama speaks on corruption in Nigeria
Ghana Election
  • Website

Related Posts

Mahama Ayariga confirmed as Majority Leader

January 23, 2025

I trust Haruna Iddrisu’s ability to excel as Education Minister – Ntim Fordjour

January 23, 2025

Mahama’s inauguration: Burkina Faso’s Traore’s sidearm and its implication

January 23, 2025
Leave A Reply Cancel Reply

Top Posts

NDC USA CONGRATULATES PROF. JANE NAANA OPOKU-AGYEMANG ON HER NOMINATION AS RUNNING MATE TO H.E JOHN MAHAMA

March 8, 2024190 Views

AFAG’s CONDEMNATION OF HON. ASIEDU NKETIAH: A POLITICALLY MOTIVATED AND MISCALCULATED MOVE

September 19, 2024148 Views

Dr. Spio-Garbrah tipped to partner Mahama

March 5, 2024143 Views

Nacee projects NDC’s ‘24-hour Economy’ policy in new campaign songs

September 11, 2024116 Views
Stay In Touch
  • Facebook
  • Twitter
  • Instagram
  • YouTube
© 2025 Ghana Elections
  • Elections
  • Politics
  • Business
  • Social
  • Editor Picks
  • Technology
  • Sports

Type above and press Enter to search. Press Esc to cancel.