Is Ghana Still Not Seeking A Bailout From IMF,...

...Deputy Communications Minister, Kwakye-Ofosu?

( A dust throwing bogus propaganda (lies) No. 1 & 2 )

IMF bailout: Ghana not in crisis – Kwakye-Ofosu (4 August 2014)

Ghana’s decision to seek a bailout from the International Monitory Fund is not an indication that the country is in crisis, the country’s Deputy Communications Minister in charge of Information, Felix Kwakye-Ofosu has said.

The cocoa producing country has opened talks with the Briton Wood Institution for assistance to salvage its ailing economy. Ghana is currently reeling under a litany of economic hardships. The local currency, Ghana Cedi, has plunged by about 40 percent in value against the US dollar and other major currencies since January this year, according to the Financial Times. Inflation has also risen to 15 percent. Organised Labour and other unions went on a series of demonstrations recently to compel the John Mahama-led government to fix the economy.

Critics fear Ghana’s worsening economic crises could plunge the young oil-producer into the abyss and possibly compel the National Democratic Congress administration to sign onto another HIPC pact.

Reacting to the concerns over government’s decision to seek assistance from the IMF, Kwakye-Ofosu said the move was more for the technical assistance than the financial support. “IMF bailout does not mean we are in crisis. There are five indicators of a nation in crisis. We have not defaulted our loans, we do have a hyper-inflation, we have a manageable debt to GDP ratio so we are not in crisis,” he told Accra-based Adom FM.

( A dust throwing bogus propaganda (lies) No. 2 )

Govt. Is Not Seeking a Bailout From IMF – Felix Kwakye Ofosu (8 August 2014)

Deputy Communications Minister of the ruling National Democratic Congress, Felix Kwakye Ofosu has waded into discussions regarding the government's move to the International Monetary Fund (IMF) to boost the economy.

Felix Kwakye Ofosu, speaking on Peace FM's award-winning morning show, also vehemently debunked claims that the Government of Ghana is seeking a bailout from the IMF. Taking a look at the current economic hardships facing the Ghanaian citizenry, the Deputy Minister lauded the government for seeking support from the IMF, stressing that the move is nothing new so far as Ghana's governance system is concerned.

Felix Kwakye Ofosu explained on "Kokrokoo" that it is falsehood for any person to think that Ghana is in crises because the nation has since experienced growth by 7 percent. However, the current economic challenges confronting the nation are "beyond our control", he admitted.

According to him, the IMF deal will not bring adverse effects on the progress of the economy. Recounting some pressures on the economy, Felix Kwakye Ofosu opined that the government's decision was informed by the challenges in the agricultural and mineral sectors. He said the country has since lost 1.3 billion dollars in foreign exchange, a situation that has had a negative toll on the country's development. To him, Ghana has not also fully recovered from being a raw material exporting nation and this therefore affects the economy.

He described Ghana's economic situation as "natural" but was however hopeful the IMF deal will bring relief to the citizenry. “Debt or defaulting in debt payment is one indication of a crisis but as I talk with you right now, we’ve not defaulted on our loans or the debt that we owe. Secondly, when you experience what we call “hyper-inflation” and also when you undergo recession meaning you get negative growth or it drastically slows down but since 2011 that we had 14.4%; Ghana has never experienced growth in our monetary issues below 7 percent before. A country that grows by 7 percent cannot be in crises. It’s a fact." Kwakye-Ofosu stated.

Now, my final personal questions to the Deputy communications minister:

Is the economy still not broken?

Can a country that grows by 7 percent still not be in crisis?

Are we really still not in crisis?

Are we still not seeking a bailout (Cash) from the IMF?

Do we need to build our Nation on lies and corruption?

God bless Ghana!!!

FRANCIS TAWIAH ( Duisburg - Germany)