IMF bailout must not create ‘undue hardship’ – Asantehene

The International Monetary Fund’s bailout programme must not “create undue hardship” for the ordinary Ghanaian, Asantehene Otumfuo Osei Tutu II has cautioned government.

Otumfuo Osei Tutu II said although he welcomes the West African country’s decision to lean on the Bretton Woods Institution for technical assistance to rescue the failing economy, the government should guard against aggravating the “precarious” situation.

“I wish to caution government to ensure that the prescription ultimately agreed with the IMF does not create undue hardship for the ordinary Ghanaian, such as increased tariffs and retrenchment of public sector manpower, which will worsen the already precarious unemployment situation,” the Monarch opined in a speech read on his behalf by the Akyempimhene, Oheneba Adusei Poku, at the 10th Ashanti Business Excellence Awards in Kumasi.

The King stressed the need for the government to do everything possible to mitigate any adverse effect that the programme may have on Ghanaians, while warning the citizens to prepare and accept some unfavourable outcome as the country gears up for a three-year programme under the IMF.

He was hopeful that the IMF will help Ghana regain micro-economic stability and boost investor confidence in the Ghanaian business environment.