Stop updates on confirmation of Ghana's sovereign humiliation - Adongo to Ofori-Atta

Member of Parliament for Bolgatanga Central, Isaac Adongo has slammed Finance Minister Ken Ofori-Atta for his constant updates on Ghana’s US$3 billion dollars programme with the International Monetary Fund (IMF).

Minister for Finance Ken Ofori-Atta early this week updated Ghanaians about the programme revealing the next review will take place in September and second tranche released after October upon satisfaction of stated conditions.

But addressing the media, ranking member for committee on Finance Isaac Adongo wondered why the finance minister seems to take delight in updating Ghanaians on what he terms “Sovereign Humiliation”

“This week, the Minister for Finance effectively announced that Ghana’s position as a bankrupt and insolvent Country whose sovereign is now worth a worthless sheet of paper will be officially achieved and announced in September ahead of the next IMF review in October and an IMF board consideration in November 2023. It therefore shocks me that such an embarrassing “achievement” is being celebrated as an update of Nkrumah’s Ghana.

“You know what he said? Oh, we are in negotiations to restructure our debts. Is that not it? If you are not bankrupt and insolvent do you restructure your debts? You pay! And the biggest humiliation that any country can face is that after you came to parliament and we signed off on a sovereign guarantee making all of us the 30 million Ghanaians as guarantors that we will pay because they are sovereign people. You turn around and say that all the 30 million people don’t have money, they can’t pay. So when you announced it and the rating agencies said it, you fought them,” Mr. Adongo stated.

He continued: “Now you’ve said I will only announce but in September I will make it official that we are bankrupt, we are insolvent and we are a country without dignity. In fact we will sign it off officially in September and that is an achievement they came to announce to us. That they have effectively killed our country and our sovereignty and that our humiliation is now official but the announcement of the funeral will be in September. And you people were there taking pictures. He had the courage to tell us this. Nkrumah’s Ghana.”

Mr. Adongo further warned the attempt to restructure pension funds as announced by the finance minister will exacerbate the already precarious condition of pensioners.

“As if that was not enough, he also announced that they are still considering restructuring bonds held by pension funds to the tune of $2.6 billion or some GH¢260 billion. This will turn many of our working middle class into paupers and beggars at pension after so many years of meritorious service to mother Ghana,” Adongo decried.