FLASHBACK: Mahama prepared better for IMF programme in 2014 – UG lecturer explains

In August last year, Economist, Professor Godfred Bokpin, asserted that former President John Dramani Mahama prepared better for the financial bailout programme it requested from the International Monetary Fund (IMF) in 2014.

According to him, the Mahama-led government had two homegrown solutions to salvage the economic crisis at the time.

Professor Bokpin said the governing New Patriotic Party was to learn from John Mahama for a better deal with the IMF now.

Read the full story originally published on August 16, 2022 by www.ghanaweb.com.

The current government could have prepared better for the economic rescue programme engagement with the International Monetary Fund (IMF).

This is according to Professor Godfred Alufar Bokpin of the University of Ghana, who believes the Nana Addo Dankwa Akufo-Addo government needed to have learned from history, specifically how the John Dramani Mahama administration approached the Fund in 2014.

While making submissions on Joy News’ Newsfile programme last Saturday, he submitted that the Mahama government had two homegrown solutions to the economic crunch at the time.

He is concerned that the current government announced the July 1 IMF plan without a homegrown programme stressing that the IMF does not draw a programme for any applicant except to support them through an in-house plan.

“In 2014, when the government made the announcement on April 6, there was a document on hand. Drawing from the Senchi Consensus. There was also the Ghana Growth and Shared Development Agenda II of 2014 to 2017.

“So, before the president (John Mahama) then made the announcement, there was a homegrown programme, so it made it a bit easier engaging the fund because we had a programme because the Fund doesn’t develop a programme for any country, that is why it is called a Ghana government programme supported by the IMF,” he stressed.

He also averred that the IMF programme alone is not enough to solve the current crisis because the country is in an unsustainable debt situation.

President Akufo-Addo ordered Finance Minister, Ken Ofori-Atta via a July 1 statement to present an economic rescue programme to the IMF.

A team from the Fund led by Carlo Sdralevich has since visited Ghana between July 6 – 13, meeting with relevant stakeholders.

SARA/PEN