"IMF bailout will lead to further privatisation of national assets"

The General Secretary of the People's National Convention (PNC)– a minority political party in Ghana - Bernard Mornah, says the decision by the government to seek a bailout from the International Monitory Fund will lead to massive job cuts in the public sector and further privatisation of our national assets.

According to him, the move signifies a failure of the homegrown strategy which has been touted by the ruling National Democratic Congress government.

The oil-producing West African country has opened talks with the Bretton Wood institution for a bailout following the continuous fall of its local currency – the Ghana Cedi - against the dollar and other major trading currencies. The Cedi has depreciated by 40 percent since the beginning of the year.

Inflation also rose to 15 percent. The situation has led to a series of agitations on the labour front.

Speaking on the development, Bernard Mornah said the Mahama-led government should have stuck to its own domestic strategy in spite of the challenges.

He accused the country’s donor partners of deliberately withholding their financial assistance and pledges with the intention of compelling the government to turn to the West for help.

“Upon following their description, the IMF will always come to tell us that our economy has grown bad so why do we continue to go to them?"

"Of course it will bring us temporary reliefs and labour can smile but they should remember that at any point in time that we have gone to the IMF, it leads to layoffs and this IMF bailout will lead to layoffs and further privatisation of our national assets,” the PNC's chief scribe lamented on Radio Gold’s Alhaji and Alhaji show.