Seeking IMF support: Gov’t being needlessly stubborn – Ofosu Kwakye

A former Deputy Minister for Communications has said the Ghanaian economy cannot survive without the International Monetary Fund’s (IMF’s) support to salvage the collapsing economy.

According to Felix Ofosu Kwakye, the position to seek IMF assistance is dire for the government stemming from its penchant for borrowings over the years.

He queried why an economy that is in good shape could be downgraded by all the credit rating organizations.

He argued that there is no way this economy can survive without IMF’s fiscal policy programme.

He said Ghana’s debts have reached skyrocketing levels of GHS350 billion over the past five years.

According to him, “the government is shying from any IMF support because its hypocrisy and cheap propaganda about IMF’s fiscal programme will be further exposed”.

Mr. Ofosu Kwakye noted that the government is being needlessly stubborn about seeking fiscal discipline from the IMF because it is being haunted by its own doings and position in the past.

He explained that the current debt levels are just the known ones adding that there may be others debts hidden in some special-purpose agreements undertaken by the government.

Mr. Ofosu Kwakye who is also a spokesperson for former President John Dramani Mahama made this statement as a follow-up to Mr. Mahama’s position that the economy is in crisis.

Speaking on Accra-based Citi FM, he explained that the government is living in denial that the economy is not near collapse.

“The NPP is posturing as if it knows what to do when the solution lies in IMF’s support,” he argued.

“Today, the NPP says credit ratings are ‘much I do about nothing’ yet in 2017 when Fitch and all others rated the economy fairly good, the Vice President Dr. Mahamudu Bawumia was all over collecting accolades,” he said.