In a dramatic display of frustration over Ghana’s current economic challenges, GHOne Television presenter Lantam Papanko vented his anger on live television.
His emotional outburst highlighted the widespread discontent many Ghanaians feel about the nation’s economic state and the role of the International Monetary Fund (IMF) in Ghana’s journey towards recovery.
During the broadcast, Papanko passionately questioned the rising prices of essential commodities and the dependency on IMF support.
“Why are the people increasing the prices of cement? Everything is basaa in the country, and we are there, happy that we are getting money from the IMF,” he exclaimed. “And the IMF people too will come and say the signs of the economy are looking good because they want us to continue depending on them. How many times has Ghana gone to the IMF? They are happy because they want us to continually depend on them. They don’t want us to be self-sufficient. This country, I can’t think far. I can’t think far,” he said.
Papanko’s sentiments resonate with a significant portion of the population who are grappling with the high cost of living and questioning the long-term benefits of IMF interventions.
Interestingly, the IMF recently completed the second review of Ghana’s $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, initially approved in May 2023. This milestone enables an immediate disbursement of SDR 269.1 million (approximately $360 million), bringing the total disbursements to about $1.6 billion under the arrangement.
Despite Papanko’s concerns, the IMF has painted a positive picture of Ghana’s economic progress. According to the Fund, Ghana’s economic reform program is meeting its objectives. They commend the country for exceeding initial growth expectations and making significant strides in macroeconomic stability and debt sustainability. The IMF highlighted that inflation is decreasing rapidly, and both fiscal and external positions are improving.
The IMF’s Executive Board noted Ghana’s strong performance under the program, mentioning that all quantitative performance criteria for the second review and nearly all indicative targets were met. They also acknowledged the significant progress made on key structural reforms, despite some delays.
While the IMF’s assessment is optimistic, Papanko’s outburst reflects the skepticism and frustration felt by many Ghanaians who are struggling with the immediate impacts of economic challenges. His passionate plea underscores the need for more inclusive and tangible benefits of economic reforms that can be felt by the average citizen.
tigpost.co
