According to the minority in parliament, it encouraged the administration to apply for an IMF bailout in 2021 but the administration disregarded the suggestion.
The minority claims that things would not have gotten to the current condition if the administration had listened to sound advice.
The statement read, “We wish to state for the records that we in the Minority were clear in our minds that this government had long missed every golden opportunity it was presented to salvage the economy which it has so grossly mismanaged since coming into office in 2017,” when the government finally decided to seek an IMF bailout on July 4, 2022 (11 months ago).
In response to the IMF Executive Board’s approval of Ghana’s request for an extended credit facility of $3 billion, the Minority Leader, Dr. Cassiel Ato Forson, published and signed a statement that contained this information.
The Ghanaian people eagerly await the Board documents on the actual state of Ghana’s economy in the days ahead after securing a Board clearance. In terms of our Debt Sustainability Analysis, Performance Criteria, Structural Benchmarks, and the entire range of additional conditionalities that have been agreed upon, this report will clarify the complete specifics of the agreement between the Fund and the government, it said.
The statement said, “The Minority in Parliament will address Ghanaians on the contents of this report and what this IMF deal portends for all of us going forward in the coming days.”
The minority in parliament praised the patience of Ghanaian bondholders who had to accept haircuts on their investments and returns, pensioners who had been so far denied payment of maturing coupons on their investments, and Ghanaians of all ages who had to make painful sacrifices due to the country’s unstable economy, rising cost of living, and concern over how to pay for basic necessities.
“Satisfy to say that the Akufo-Addo/Bawumia government has pledged to raise utility rates every three months starting from last year as part of their proposal to the IMF to secure this deal. Electricity rates have increased by a total of 75.32 percent since September 2022, the statement added. This includes increases of 27 percent in September 2022, 29.96 percent in the final quarter of 2022, and 18.36 percent just a few days ago.
“Let’s prepare for the full effects of this IMF agreement, which will undoubtedly hurt Ghanaians, particularly the young. This is not a warning to give up; rather, it is a statement of a truth that will soon dawn on all of us.
