News broke yesterday that the International Monetary Fund has decided to assist Ghana. It can be recalled that few months ago the government of Ghana applied for financial bailout from the financial institution. This came after many calls from economy experts who had argued that with the dwindling fortunes of the economy there should be the need for assistance.
The Akufo-Addo led government however refused all calls to seek help and only run to the institution at the last minute. After a number of meetings and weeks of waiting, the IMF in a tweet through their Managing Director, Kristalina Georgieva has confirmed that her outfit is ready to assist the country. According to the tweet the institution and the Finance Ministry in Ghana have discussed the challenges and the way forward.
In another post on Facebook, Yayra Koku, has questioned if it was possible for the IMF to assist Ghana normalize the economy downturn. According to Yayra Koku, the NPP have blamed everyone but themselves for the state of the economy and was thus puzzled if with the same leaders the IMF can assist the country. Yayra raised the point that because the government is blaming the Ukraine Russian war for the economy and with the war still ongoing, how then was the IMF going to help the country.
Interestingly, Koku has a point. It is important to know that with the current war between Ukraine and Russia, Ghana will continue to experience the same results as repercussions for the war. At least if the government had to some extent blamed themselves then Ghanaians will know that something different can be done when those expected to handle the economy change certain policies.
However, with a condition in Ukraine that the country has no way in controlling, how then was the IMF going to assist the country especially as the government blames the war for Ghana’s state. It can be deduced then that until the war ends, there is no way the country’s economy will rise from the asses. Do you agree with Koku or this is mere propaganda?
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