Rawlings Blames IMF, World Bank for Cedi's Fall

President Jerry Rawlings has spoken out against the World Bank and the International Monetary Fund for withholding funds from Ghana, saying this had contributed to the fall of the local currency, the cedi.

He said if this was intended to influence the outcome of the December elections, then it was unfortunate because outside influences should not be brought to bear on national elections.

"Elections should not be influenced from outside if we want them to be free and fair," he told the outgoing Japanese ambassador, Shosuke Ito.

The IMF "unlocked" 300 million dollars last week after it had approved Ghana's country programme.

Rawlings said through the efforts of Japan and some other friendly countries the issue had been resolved and the funds would soon be released, adding that the cash dry-up had almost rolled back the advances and sacrifices Ghana has made over the years.

The president thanked Japan for its assistance to Ghana over the years, saying "Japan recognised that this is a government that has got its priorities right and planned the economic recovery programme to suit ourselves and not outsiders."

He said Japanese assistance could be felt in many sectors, mentioning education, telecommunications, health, and roads.

"There is not a single area Japan has not contributed to," he added.