Kweku Kwarteng, the chairman of the finance committee in parliament, and Isaac Adongo, the deputy ranking member on the finance committee, have “clashed” over the IMF’s assessment of the economy.
While Mr. Adongo said that the IMF’s evaluation of the economy did not accurately reflect the true state of the economy, Mr. Kwarteng urged those who had criticized the government’s decision to approach the IMF for a bailout to use restraint and support the initiative.
After months of economic hardship and a crisis in the cost of living, Ghana went to the IMF for support and assistance. The country expects $3 billion from the fund.
The Upper East Region’s Bolgatanga Central Constituency Member of Parliament (MP), Mr. Adongo, argued that the IMF erred in blaming the COVID-19 pandemic and the Russian invasion of Ukraine for the economic troubles because the economy was already in ruins before both events.
He claimed that since it was obvious that the economy already suffered from internal and external vulnerability before the two situations, the IMF was managing the situation to prevent panic and fear that would worsen the problem. He also accused the government of working with the Fund to paint a dire picture of the economy.
“It is dishonest for people who have benefited from propaganda, people who have come to power on the back of deceiving the electorate that going to the IMF defines incompetence, to now be turning around and saying we shouldn’t have that debate,” Mr. Adongo postulated. The New Patriotic Party (NPP) should not be pardoned for its comments made against the National Democratic Congress for seeking an IMF bailout in the past.
The Obuasi West Constituency MP, however, highlighted that the discussion about whether or not the nation’s economy was strong enough to support and receive financial aid from abroad was pointless and should not be encouraged. He also questioned why people should be worried about the IMF’s opinion.
He questioned why people were preoccupied with this rather than talking about what was needed for the economy given that it had been challenged and said that the discussion on whether or not the nation’s economy was robust enough for outside financial assistance was unnecessary and should not be encouraged.
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