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We Have Become 'Loan Addicts' - Atik Mohammed Bashes Akufo-Addo's 'Rehab' IMF Bailout

Concerns have been expressed about President Nana Akufo-Addo returning Ghana to the International Monetary Fund by former PNC General Secretary Atik Mohammed (IMF).

Government officials are requesting financial assistance from the IMF, according to Minister of Information Kojo Oppong Nkrumah.

the country was turned over to former President Mahama with no external world problem, the Minister stated in an interview on Peace FM's morning broadcast on Monday. However, at the end, he told us that they had bitten the flesh to the bone, thus they would need a bailout from the Fund. This is what he said, not what I say. From 2017 to 2019, we were able to observe how the Ghanaian economy fared after they sought a bailout and we took office.

It's a different picture today, but we're going to need a bailout, too." "The foreign difficulties and external pressures have dictated our decision to go for this facility, not our own domestic management."

A presidential statement from the President's press secretary Kojo Oppong Nkrumah also said that the President had instructed Finance Minister Ken Ofori-atta to contact the International Monetary Fund to "provide balance of payment support as part of a broader effort to accelerate Ghana's buildback in the face of challenges induced by the COVID-19 pandemic and, most recently, by the Russia-Ukraine crises."

Atik Mohammed, a well-versed economist, said that the Akufo-Addo administration has not properly managed Ghana's economy during his appearance on 'Kokrokoo' Wednesday morning.

He opined that rather than saving the economy, the administration has been making actions that increase Ghana's debt burden.

"We have always borrowed. In 2021, we issued sovereign bonds, Eurobonds, and other bonds totaling 3.025 billion dollars, which we sold to investors. With this IMF bailout, I'm not convinced we'll be able to get such a large sum of money. Even if we go with a different program, "I don't believe we will receive more than 3 billion," he remarked.

"We've borrowed more than we normally would," he said, continuing.

According to Atik Mohammed, the government has become addicted to loans and the International Monetary Fund (IMF) is the rehab center for loan addicts. He explained how the government is making all the wrong decisions and offered some solutions.

When it comes to our economic management, we have an issue

During the COVID-19 pandemic, he cited the President and his officials telling Ghanaians that they had recovery plans, thus he asked, "What are the consequences of your recovery plans?"

Content created and supplied by: Devarsh_Arena (via Opera News )

Ghanaian IMF Kojo Oppong Nkrumah Mahama Nana Akufo-Addo


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