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IMF Loan Will Not Save Ghana: NPP MPs Claim On IMF Up Against Prof Steve Hanke's Revelation

The negative impact of the coronavirus pandemic, as well as the ongoing Russia-Ukraine war on global economies, should not be underestimated, Member of Parliament for Bortianor-Ngleshie Amanfro, Sylvester Mathew Tetteh, has said.

He said this while justifying the decision by the government to go to the International Monetary Fund (IMF) for support, on TV3’s New Day show with Johnnie Hughes Tuesday, July 5.

He believes it's the only way out for Ghana, hence Ghanaians should embrace it in good faith. 

He added, “We are back to the IMF because we are not in normal times, nobody should downplay the effect of Covid 19 and then the Russia-Ukraine war.”

Meanwhile an international economist from the John Hopkins University, USA, Professor Steve Hanke has said the current IMF program Ghana wants to sign will fail, according to a report filed by the BBC.

According to Professor Steve Hanke, another IMF loan will not save Ghana’s economy, he said just like the past 17 IMF programs, a new one will fail.

He also revealed that based on exchange rate data from the free and black markets, the annual inflation rate for Ghana will be around 49.35%.

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Bortianor-Ngleshie Amanfro Ghana IMF Russia-Ukraine Steve

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