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Ghana's Situation Is Dire, Economy Can Crush Within Weeks; IMF Tells Minority

The International Monetary Fund (IMF) is reviewing Ghana's financial data for purpose of granting the nation a bailout. The team has been in Ghana for one week. Apart from auditing the books, IMF is also engaging stakeholders in the financial sector.

On Tuesday the team met with parliamentary select committee on finance.

Reporting for TV3 News 360, Evans Nkum said only the minority side of the committee attended the meeting. As to why the NPP members of parliament did not show up, Evans could not tell.

He said the IMF delegation told parliament that Ghana's economic situation is in dire situation. He said the IMF maintained that the fight against corruption is extremely bad, social intervention is not good enough, salary for workers not good and infrastructure development bad. The IMF said Ghana invited the IMF at a time the country is at emergency state.

Evans added that the IMF said Ghana could collapse within weeks if nothing is done immediately about the situation. The team noted that a 1 billion dollars facility is before parliament. It pleaded with the minority to help approve if not Ghana will go bankrupt in the next couple of weeks.

But the minority caucus has addressed the media. In their maiden address since IMF reported to Ghana, the MP for Bolgatanga Central Hon. Isaac Adongo said Nana Addo and Bawumia finished Ghana before running to IMF. He said the government wasted time doing propaganda instead of running a government. He added that in spite of the late invitation of IMF, the NDC will insist the books of Ghana should be thoroughly scrutinised before any bailout is granted.

He called on the IMF to thoroughly audit Covid-19 expenditure, free SHS, NABCO, planting for food and jobs, trainee allowances etc. Adongo said he knows for sure that the thievery is occurring at those areas.

IMF is an internationally recognised fund which support countries in financial distress. They offer loans to deserving countries at very low interest rate. The difference between loans given by IMF and other institutions is that, IMF delegates its representatives to receiving countries to ensure the loans go into what they are intended for. It also scrutinise the books of countries before loans are granted.

Ghana has been to the IMF 17 times with the last one being 2020 when Ghana took 1 billion dollars Covid-19 fund.

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Evans Ghana IMF International Monetary Fund TV3 News 360


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