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IMF bailout: Apologize for deceiving Ghanaians - Minority to government

Minority Causus Minority Leader Haruna Iddrisu (left) confers with some members of his caucus

Sat, 2 Jul 2022 Source: starrfm.com.gh

The Minority in Parliament has called on the Akufo-Addo-Bawumia government to apologise to Ghanaians and immediately cancel the Electronic Transaction Levy (E-levy) for heading to the International Monetary Fund (IMF) for a bailout.

Speaking to Starr News Minority spokesperson on Communications A.B.A Fuseini argued the move is final proof of the level of mismanagement of the economy by the Akufo-Addo led administration.

“They told us that despite COVID and the Russia-Ukraine war they are not going to the IMF, is that not what they told us? They told they will never go to the IMF, what has changed because they told us they have the men. Where are the economic expertise and experience they said they have?

“So they should eat their humble pie and apologize to the people of Ghana for taking us for a ride and imposing the obnoxious Electronic Transfer Levy (E-levy) on us. They should first and foremost apologize to Ghanaians and immediately announce the cancellation of the E-levy,” the MP stated.

Background

Ghana on the July 1, 2022 disclosed that it has officially contacted the International Monetary Fund to seek for financial support.

In the statement, President Akufo-Addo, said he had authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.

The statement added that this followed a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

At a meeting on June 30th, 2022, cabinet indicated its support for the decision.

The engagement with the IMF will seek to provide balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic and, recently, the Russia-Ukraine crises, according to the statement from the presidency.

This is the second time Ghana is seeking support from the Bretton Wood institution in seven years after the country engaged them in 2015 under the erstwhile John Dramani Mahama’s government.

In February 2022, the Finance Minister, Ken Ofori Atta, stated that Ghana will not return to the IMF for a bailout despite the mounting economic challenges.

According to him, Ghana is a nation of pride and will seek solutions to the current financial challenges it is facing within.

“I can say we are not going to the IMF. Whatever we do, we are not. Consequences are dire, we are a proud nation, we have the resources, we have the capacity. We are not people of short sight, but we have to move on.

“So let’s think of who we are as a strong proud people, the shining star of Africa, and we have the capacity to do whatever we want to do if we speak one language and ensure that we share the burden in the issues ahead,” Mr. Ofori-Atta told the gathering at the E-Levy town hall meeting in the Northern Regional Capital of Tamale.

Source: starrfm.com.gh
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