The visit of a high-powered team from the International Monetary Fund (IMF) head office in Washington DC to Ghana on Tuesday to begin formal discussions for a new economic support programme for the country beginning Wednesday dominates the headlines of Ghanaian press on Tuesday.
The Graphic reports that a high-powered team from the International Monetary Fund (IMF) head office in Washington DC will be in Ghana on Tuesday to begin formal discussions for a new economic support programme for the country beginning on Wednesday.
The government will on Wednesday officially start preliminary negotiations into Ghana’s quest to seek a bailout from the fund.
The team is expected to meet officials of the Ministry of Finance (MoF), the Economic Management Team and the Presidency during its one-week stay in Ghana.
It will consist of senior officials from the head office of the IMF in Washington, DC, United States as well as local staff based in Ghana, Graphic Online has gathered.
Last Thursday, June 30, 2022, Ghana indicated to the IMF its intention to seek Balance of Payment (BoP) support.
President Nana Addo Dankwa Akufo-Addo in a telephone conversation with the IMF Managing Director, Kristalina Georgieva, conveyed Ghana’s decision to engage with the Fund.
The IMF Country Office confirmed receipt of the indication and pledged to support Ghana in its 18th programme with the fund.
The IMF works to achieve sustainable growth and prosperity for all of its 190 member countries.
The newspaper says that the Trade Union Congress (TUC) has kicked against the government’s decision to engage with the International Monetary Fund (IMF) saying it is a ‘tragic mistake’ and ‘sad’ decision, that the government was seeking help from the fund.
The Secretary General of the TUC, Dr. Yaw Baah in a statement issued on Sunday said it believed that the conditions that come with an IMF programme will not help Ghana.
According to Dr Baah, Ghana has gone for an IMF programme for 17 times, but they all did not come with any better solutions to the economic issues for Ghana.
Therefore the government’s decision to finally ask for assistance from the IMF was a sad and tragic mistake.
The TUC argued that Ghana’s history of engagements with the IMF provided ample evidence that IMF sponsored programmes and policies could not change the country’s economic circumstances but only inflicted more hardships.
It said in the 4th Republic alone, the country had implemented five IMF programmes. “These IMF programmes have only imposed unnecessary hardships on Ghanaians with practically nothing to show for them. The solutions proffered by the Fund are not appropriate for our economy. They scratch the edges of the problem without tackling the fundamental issues facing the economy.
“If we learn from history, we would know that countries that have succeeded economically such as South Korea, Singapore and China did not follow the neo liberal policies based on the Washington Consensus which provide the basis for all IMF-sponsored programme,” it said.
The TUC was of the opinion that the only reason a government would want to seek IMF bailout was to look for short term quick fix to the country’s perennial economic challenges.
It said the country had done this seventeen times and government had just announced the commencement of engagements for the eighteenth IMF-sponsored programme.
It said it was very certain that the 18th IMF programme would not solve our problems.
The Ghanaian Times reports that Mr. Albert Kan-Dapaah, Minister of National Security, has said that some African countries are bearing the brunt of terrorism to the extent that it has affected social and economic life in those countries.
He said it was on record that as at June 28, there had been 17 terrorist attacks on the continent resulting into 574 deaths and many injuries.
The Minister made these remarks at the First Senior Level Regional Course on the Prevention of Violent Extremism for the West Africa Region.
It was organised by the Swiss Embassy in Accra in partnership with the African Centre for Research on Terrorism (ACSRT) of the African Union with support from the Human Security Research Centre-Ghana.
Mr Kan-Dapaah said the activities of these terrorists who were creating a lot of misery and challenges for normal social life continued unabated which gives cause for alarm on the continent.
He said it was time that African countries collaborate and cooperate with one another to take pragmatic steps to arrest the deteriorating security situation in the Sahel and coastal West African zones where their activities were rampant.
He said innovative approach was the needed measure to curb terrorism and violent extremism adding that innovative approach was needed to maintain peace and security in Africa, particularly, the sub-region.
Mr Philipp Stalder commended the government for the attention it was giving to the search for lasting solutions to the multiple challenges facing the entire sub-region.
He said it was also commendable that at a time when the fears of terrorism and violent extremism have become prevalent in the sub region, African countries have found it prudent to rally resources to fight the canker.
The newspaper says that President Nana Addo Dankwa Akufo-Addo engaged major players in the private sector at a breakfast meeting in Accra yesterday to ascertain their challenges and concerns, especially in the wake of current global economic crises.
Although the meeting was held behind closed doors after initial opening remarks, it was an opportunity for the government and the captains of industries to exchange views on how the private sector can be supported.
Present at the meeting were business owners and managers of pharmaceutical, logistics, manufacturing, and construction companies as well as top government officials.
President Akufo-Addo reiterated the government’s commitment to support the growth and development of the private sector, despite the economic challenges the country was facing.
He said countries like Japan and Korea moved from rural agrarian economies to developed economies and added that the economic history of those countries presented good examples for Ghana to follow
“We cannot do anything serious if we are not guided by history and example,” he said, noting that big brands like Toyota and Hyundai were names of people who founded enterprises to change their economies.
He said despite the challenges the country was facing, his administration would continue to use the private sector as a vehicle to lead the social and economic transformation of the country.
President Akufo-Addo indicated that the Development Bank of Ghana established recently would be a catalyst for the development of the private sector.
The Minister of Trade and Industries, Alan Kyerematen, said the current administration inherited an economy that was in distress and expressed confidence in the government’s ability to steer the country from the current economic challenges.
He said the concerns from the industry players would be given serious consideration and expressed the government’s commitment to support the growth and development of the sector.
GIK/APA