Kufuor: IMF bailout sign of malfunctioning economy

Former President John Kufuor has said that the decision by the Mahama administration to seek a bailout from the International Monetary Fund (IMF) is a sign of incompetence.

In his view, the bailout would not have been necessary if the economy had been managed properly.

Ghana is receiving 918 Million Dollars from the IMF over the next three years.

The first tranche of about 100 million dollars is expected to hit the accounts of the Bank of Ghana in the coming days.

Speaking to Starr News, Mr. Kufuor said the bailout request is demeaning to Ghana.

“I think it’s unfortunate that we have had to go back to the IMF because of the malfunctioning economy.

“We weaned Ghana out of the IMF tutelage to give dignity to the country and that’s what is meant by self-government.

“It’s a bit demeaning, but it’s a phase and we must enlighten our people to understand that next time when they come across people who can manage the economy, they should pay healthy regards to them,” he stated.