Political Scientist with the University of Ghana Professor Ransford Gyampo has said that attempts to present the staff level agreement reached with the International Monetary Fund (IMF) as Ghana seeks a bailout from the IMF as Ghana having reached a deal with the IMF are propaganda since Ghana is yet to get a deal.
In social media post, Prof Gyampo stressed that Ghana has not had a deal from the IMF and the propaganda that a deal has been reached will be exposed by the realities of the country. He added that Government debt restructuring policy, a prerequisite of the IMF for a deal, is outmoded at birth and resistance to it organised labour could be stifle the Government’s ability to get a deal soonest.
He argued that sincerity and candour must be part of good governance.
“To support the objective of restoring public debt sustainability, the government has announced a debt restructuring programme that is so outmoded at birth and would be fiercely resisted.
Sufficient assurances and progress on the highly contentious debt restructuring programme will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.
Ghana is no where near cruising, yet our people are doing propaganda that we have a deal. Realities have often times exposed propaganda, yet we keep resorting to the peddling of half-truths. E-levy was touted as panacea to our problems and it’s been a fiasco.
We are at it again, touting some 3billion that hasn’t been fully signed and may be difficult to come (because of the fight labor is to put up against the programme to secure its interest) as a panacea again.
There can be no meaningful talk about good governance without candor and sincerity,” he wrote.
Ghana reached a staff level agreement with the IMF for a three-billion-dollar bailout after the IMF team met with Ghanaian authorities.
“IMF staff and the Ghanaian authorities have reached staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion. The authorities’ strong reform program aims at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery,” the IMF said.
According to Finance Minister Ken Ofori-Atta, the the 3 billion will help Government tackle inflation and stabilise the Cedi.
source: mynewsgh.com