IMF’s positive rating of Ghana’s economy insincere – Adongo

The Member of Parliament for Bolgatanga Central Isaac Adongo has described as insincere the International Monetary Fund’s (IMF’s) positive rating of the Ghanaian economy under the Akufo-Addo administration.

“The IMF has a job to do in Ghana and you would expect that the IMF pronounce that it has failed in Ghana? Of course, you don’t expect that,” said Adongo on Morning Starr on Tuesday.

“If you recall,” he continued “several times that the IMF has been in this country, they have often praised successive governments for proper delivery on their programme only for those governments to exit then you will see the damning report.”

What did IMF say?

The Managing Director the IMF Christine Lagarde, says her outfit is very impressed with the way and manner in which the government has handled the economy over the last 24 months.

“We are really impressed with the work that has been done because you indeed arrived in a situation that was from a microeconomic point of view fragile. All indications were in the red and through massive work, effort, sacrifices as well, those indicates are turning in the right direction,” she said.

Mrs Lagarde also assured that the Breton Woods Institution stands ready to offer any support and help that Ghana may require in the future as the country continues to set high standards on the African continent.

Positive rating phoney

In a reaction, however, Mr Adongo who is a member of the Finance Committee of Parliament said the IMF’s position cannot be trusted.

According to him, he finds Mrs Lagarde’s comments deceitful and that once the NPP government exits power the IMF will double down in order to find favour with the next government.

“Let the NPP government leave power today and you will see the true picture of what the IMF really thinks about this economy and the records are there for you to find out. I am not the one saying,” he said.

“If you recall when the NDC was there we were supported all the time. In fact, at some point in time when we have challenges raising some bonds they basically even gave us some guarantees to enable us to raise those monies. And they were those who went around claiming that we were on track and we were doing so well."

“A year later when we lost power, you heard the IMF and so just wait for the NPP to leave power and you will know the true position of Christine Lagarde. That’s exactly what they are,” he stated.