Yes Always Blame IMF for Ghana’s Economies Woes

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SARPONG 11 years ago

I don't agree with the Author. IMF is not forcing Ghana or any member country to seek its assistance but if you do, then they have laid down rules you have to abide by by any institution.

Our economic woes is due to the fa ...
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I don't agree with the Author. IMF is not forcing Ghana or any member country to seek its assistance but if you do, then they have laid down rules you have to abide by by any institution.

Our economic woes is due to the fact that we don't know how to live within our means and when we find ourselves in trouble, we try to address the problem from one side of the balance sheet. Instead of trying to increase our revenue collection and cutting down on expenditures, we try to tax the already overtaxed taxpayers to get ourselves out of a fix. This has never worked in any society. We need a two pronged attack to solve our problems;

1. Expand the tax net and not increasing taxes or both.

2. Cut expenditure. Reducing government workers, cutting down benefits to Parliamentarians, cabinet ministers, and reducing the dependency syndrome among Ghanaians like the government is a father Christmas to supply free school uniforms, shoes, computers to each student, etc.
KOLA ,LONDON PROPER 11 years ago

So you too understand some economics at least but struggle to understand the difference between Devaluation and Depreciation of a currency.

Anyway, I know you do what I call 'dictionary Economics' as I can tell from what y ...
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So you too understand some economics at least but struggle to understand the difference between Devaluation and Depreciation of a currency.

Anyway, I know you do what I call 'dictionary Economics' as I can tell from what you have explained above so far. Stand aside and allow the Economist like us to deal with this topic, its far beyond your 'coconut'...
SARPONG 11 years ago

Illiterate fool, I can teach you the difference between devaluation and depreciation even in my sleep. You illiterate should first learn the difference between monetization and redenomination, you shameful illiterate.

Auth ...
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Illiterate fool, I can teach you the difference between devaluation and depreciation even in my sleep. You illiterate should first learn the difference between monetization and redenomination, you shameful illiterate.

Author: KOLA, LONDON MAIN PROPER
Date:2014-03-29 13:05 :38

The Kuffour Maladroit government promised the world of a new Ghana cedi will gain value when pegged with the dollar.

When you do monetization, it means you have deliberately pegged your currency to the major ones.

ILLITERATE FOOL, IS THAT YOUR UNDERSTANDING OF MONETIZATION?

Not only you don't understand the meaning of monetization but Kuffour did redenomination and not monetization.
KOLA ,LONDON PROPER 11 years ago

Ask yourself what is 'Monetization', Fool. The topic is not 'Monetization' so why are you diverting attention from you Illiteracy, Idiot?

Ask yourself what is 'Monetization', Fool. The topic is not 'Monetization' so why are you diverting attention from you Illiteracy, Idiot?
SARPONG 11 years ago

Hahahahaha, you can't even construct a simple sentence.

"So why are you diverting attention from (you) illiteracy"

Hahahahaha, you can't even construct a simple sentence.

"So why are you diverting attention from (you) illiteracy"
PHILTY McNASTY 11 years ago

Sarpong, why do you always waste your marbles on these fools? You make serious contribution on this forum but many a time you allow yourself to be diverted by these idiots on non-essentials. Remember when you sleep with dogs ...
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Sarpong, why do you always waste your marbles on these fools? You make serious contribution on this forum but many a time you allow yourself to be diverted by these idiots on non-essentials. Remember when you sleep with dogs you must expect to wake up with fleas. it is about the contest of ideas not insults, buddy.
OLD SOLDIERI 11 years ago

Kola, is the issue of this article about devaluation and depreciation? Don't start something you are deficient in, that is my advice.

Kola, is the issue of this article about devaluation and depreciation? Don't start something you are deficient in, that is my advice.
Francis C. Quainoo 11 years ago

" The IMF working alongside other international agencies like World Bank have no fundamental interest in a World Order in which Afrika is united, strong and globally respected. Beyond blaming the IMF, Ghana the star of Afrika ...
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" The IMF working alongside other international agencies like World Bank have no fundamental interest in a World Order in which Afrika is united, strong and globally respected. Beyond blaming the IMF, Ghana the star of Afrika must rise once again, working in partnership with the Giant of Afrika.

And what does all this mean, you silly AYIGBE IDIOT????

The IMF did NOT ask your Fiifi Akwetey to tell Ghanaians that the former President Kufour had sold all of our Gold Reserves-which was false and propaganda.

The IMF did NOT instruct the NDC in Majority Parliament to Mortgage the future of Ghana by abrogating the laid down Laws in respect of our OIL.

The IMF did NOT ask the NDC Government to entertain the failed STX Housing Scheme whereby an amount of $247 Million was lost to the Koreans.

The IMF did NOT ask dullard MAHAMA to chair a meeting with the Merchant Bank involving the sale of the Bank to his brother, which is now called 'MERCHANT MAHAMA BANK De WAAAWAAAA!!!

The IMF DID NOT ask dullard MAHAMA to fly an American Flag Jet with Government Officials to IRAN to transact GOLD AND OIL SALES IN HIGH SEAS.

The IMF has NEVER ADVISED Ghana NOT to vigoursly collect TAXES from the Port and Harbour Authorities.

The IMF has NEVER encouraged this dullard MAHAMA NDC OUTFIT to TAX the Churches-being the only place the weak and the vulnerable would go to seek solace.

The IMF NEVER advised the ATTA MYTHS (MAY HE REST IN PIECES)cronies to stop INVESTIGATING THE MASSIVE CORRUPTION INVOLVING DULLARD JOHN HAMAHA(according to Mr. Martin Hamidu, former Attorney General.

The IMF DID NOT ask the dullard MAHAMA government to invite "Broke Whites" from the Western Counries to come to Ghana to collect MASSIVE AMOUNT BY WAY OF JUDGEMENT DEBT.

The IMF DID NOT ask this School-boy Government to dole out GHS.52 MILLION to their own Financier WOYOME.

The IMF DID NOT instruct the dullard Government of MAHAMA to dispense 52%of our GDP by way of Single Spine solely to the Security Forces.

Now, THIS CATS AND DOGS GOVERNMENT must understand that building a Nation like Ghana is NOT on a slogan like Keta School-Boys, Pito or Banku, nor Chinchinga.

Now, writer AGBODZA, I would fiercely love to engage you with your Economic Theories along side the Dictator Kwame Nkrumah which has NO ROOM IN OUR MODERN DAY POLITICS.

Remember, both the Chinese and the Russians are now engaged in eating HAMBURGER!!!!

Best Regards,

Francis C. Quainoo
Western Australia
OKOFO 11 years ago

No fyrther comment

No fyrther comment
kobina 11 years ago

No need insulting Mr Agbodza by calling him names and attacking his ethnicity. It's okay to engage him intellectually and philosophically to disprove some of the assertions in his piece, but to go beyond that to insult him is ...
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No need insulting Mr Agbodza by calling him names and attacking his ethnicity. It's okay to engage him intellectually and philosophically to disprove some of the assertions in his piece, but to go beyond that to insult him is reprehensible and way out of line.

James Dadzie 11 years ago

Listen,Francis Quainoo! You raised very good points but your attitude on this forum with regard to insults is shocking.I thought you were a very matured,learned and "tribeless" Ghanaian.

Listen,Francis Quainoo! You raised very good points but your attitude on this forum with regard to insults is shocking.I thought you were a very matured,learned and "tribeless" Ghanaian.
Isaac 11 years ago

An animal like this fucking Quainoo selling liquor in Autralia and thinks he is on top of the world. Ugly Kwasia like that.

An animal like this fucking Quainoo selling liquor in Autralia and thinks he is on top of the world. Ugly Kwasia like that.
LONTO-BOY 11 years ago

Christian, I think you're looking at the wrong end of the Telescope. Inasmuch as some of the policies, programs and tied conditions for IMF loan agreement/loan bail-out do have some serious attendant effects, and do exacerbat ...
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Christian, I think you're looking at the wrong end of the Telescope. Inasmuch as some of the policies, programs and tied conditions for IMF loan agreement/loan bail-out do have some serious attendant effects, and do exacerbate economic slump and poverty in Ghana, we can't blame the IMF for Ghana's economic plight. This is not an expression of support for the IMF, but it's time we Ghanaians must face up to the fact that most of our problems are of our own making. It's time for our Governments to rethink!

The IMF is NOT the start of our economic woes. The IMF isn't a government that runs Ghana. So, we cannot fault the IMF for the country's disastrous political leadership and economic mismanagement. Basically, the IMF provides financial and technical assistance to bankrupt countries like Ghana to solve their economic crisis. We should rather blame our successive Governments for Ghana's bloated but yet incompetent Governments, the years of reckless borrowing, the rampant corruption, the years of profligacy and waste by our successive Governments, and the lack of dynamic, competent and visionary political leadership in developing Ghana's economy given the country's mineral/natural and human resources. So, if the conditions or policy prescriptions by IMF happens to be the wrong "medication" for the country's underlying problems, what is our alternative "medication" or Plan B?

And why do you blame the IMF for the prevailing corruption in Ghana? Do you blame the IMF for the country lacking honest and patriotic politicians? What happened to our own accountability, transparency and effective institutional mechanisms in tackling corruption and promote good governance in Ghana?
kwadwo. 11 years ago

You have said it all. How can you blame your bad breath on someone if you fail to brush your teeth and scrape your tongue?

You have said it all. How can you blame your bad breath on someone if you fail to brush your teeth and scrape your tongue?
Kofi Ata, Cambridge, UK 11 years ago

Good morning Christian, whilst you may have a case against IMF historically, I share the views expressed by LONTO-BOY and agree with Dr Akoto for a number of reasons.

First, Dr Akoto was referring to the current state of m ...
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Good morning Christian, whilst you may have a case against IMF historically, I share the views expressed by LONTO-BOY and agree with Dr Akoto for a number of reasons.

First, Dr Akoto was referring to the current state of mismanagement and corruption under the Mahama administration and not the economy of dependency and raw materials. How can anyone blame IMF for SADA, GYEEDA, SUBA, Woyome, etc.?

Second, past and present Ghanaian leaders should have been aware by this time that the Bretton Woods Institutions, IMF and World Bank policies are not meant to change the dependency economies of the developing countries but maintain the status quo. It is therefore high time African leaders came to that realisation and develop and implement policies that will wean off their economies from the remote control of IMF and the World Bank.

Again, why blame IMF/World Bank when they offer advice, support and assistance? Are these governments under any obligation to accept the advice, support and assistance? No, if they can management their economies effectively and do away with corruption and incompetency. For example, in the current situation in Ghana, I strongly believe Ghana can avoid going to IMF/World Bank for conditional assistance. In fact, Mahama does not even have to raise new taxes as he seems to be doing. My view is that there is even a case for tax cut in Ghana if the government can successfully plug most of the loopholes in the tax collection, ensure all individuals and corporate organisations pay their fair share and the abuses in the tax breaks for foreign investors, especially in the extractive industries are stopped.

Finally, IMF/World Bank policies for Africa do work and they sometimes or often get it wrong. For example, IMF told the British government that the Chancellor's economic recovery policies would not work but the British government ignored IMF. Today, IMF has been proven wrong as it has been forced by reality to change their forecasts for Britain. Unfortunately, Ghanaians do not have that sort of self confidence to believe in home grown policies.

For the above reasons but not exclusively, I agree with Dr Akoto that the government cannot blame IMF, workers or anyone but itself for the economic mess.
kobina 11 years ago

Well said.

Well said.
oppong london 11 years ago

stupid ndc gov,t will shift blame to someone else after big stealing,ndc is full of useless politicians n bastards ,who can,t think properly.

stupid ndc gov,t will shift blame to someone else after big stealing,ndc is full of useless politicians n bastards ,who can,t think properly.
BOY KOFI 11 years ago

Economy is interdependence,everybody needs somebody.The first principle is to produce and remain competetive to survive else we will perish.If you are not able to produce then you must learn to negotiate strategies that will ...
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Economy is interdependence,everybody needs somebody.The first principle is to produce and remain competetive to survive else we will perish.If you are not able to produce then you must learn to negotiate strategies that will keep you alive.It seems to me we often neglect productivity and good trading practices.We have lost sight on Agriculture production,food safety and its development.For decades,we have not found solution for energy crisis like regular electricity which is the engine for development.If we tackle the Energy and Food security most of these challenges will be solved.Ivory Coast had overtaken our position as the leading Cocoa producing country in the world but we don't seem to care about that.I will say,if we don't take common economic fundamentals serious there is nothing we can do to develop.Now listen,something is wrong somewhere because a country with growth of about 4% GDP cannot said to be in economic crisis.The advanced countries like USA and Europe are struggling since 2007 to get just 1% GDP to get out of recession and I can tell you they are still not there.I think it's about time we demand our economists to speak in direct and simple language,to explain what they mean by economic challenges when the indicators are positive.I am not interested in debating IMF issues but we must know how we got into this mess first.Thank you.
Nii Tetteh 11 years ago

I have no words to describe the author's ignorance.

I have no words to describe the author's ignorance.
Whatever 11 years ago

You couldn't have put it any better than this. The tastelessness of Ghana's well-endowed economy today is work of negative neo liberal infusions deliberately packaged and sent from the headquarters of the IMF and World Bank t ...
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You couldn't have put it any better than this. The tastelessness of Ghana's well-endowed economy today is work of negative neo liberal infusions deliberately packaged and sent from the headquarters of the IMF and World Bank to make way for resource benefits to head outside the country. Talk about privatization, open market, free trade, deregulation, enhancing private sector activities etc. They are streamed into this country's economic system straight from the headquarters of the IMF and the World Bank to redirect the large chunk of the benefits of Ghana's economic resources to foreigners

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Yes Always Blame IMF for Ghana’s Economies Woes

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