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IMF support welcomed, but NDC wants a new Economic Management Team in place

NDC welcomes IMF support... but calls for change in Economic Management Team

The government’s decision to request financial assistance from the International Monetary Fund has been hailed by the National Democratic Congress (NDC) (IMF).

On the other hand, it requested that the President Nana Addo Dankwa Akufo-Addo restructure its Economic Management Team (EMT).

Johnson Asiedu Nketiah, the general secretary of the NDC, claimed in an interview with the Daily Graphic that the present EMT leaders had lost credibility since they had previously stated that the need for IMF help was a result of poor economic management.

The Vice-President, Ministers, and President Akufo-statements Addo’s have given the idea that the IMF is a monster and that anyone who requests assistance has failed, which is why they are doing so, according to Mr. Nketiah.

“Their words are now coming back to haunt them. If you want to defend them after their current capitulation, it would be simpler to defend the devil at the entrance to paradise than President Akufo-Addo on the state of the economy.

“Because they have gone out and said they will never go to the IMF but now they have done a 180-degree turn and are chasing the IMF and trying to rationalize it as if there are two distinct IMF’s; the New Patriotic Party (NPP) IMF, if you go there, it is a different ball game,” he observed.

End your comparisons

Additionally, Mr. Nketiah urged government representatives to refrain from equating Ghana’s economic situation with that of Western nations and from blaming COVID-19 and the Russia-Ukraine conflict for the country’s economic woes.

“How many nations in the West African subregion have requested IMF bailouts? They must be impacted by the same issues we’re complaining about, right?” He probed.

He asserted that it was time for Ghana to focus for long-term economic solutions rather than comparing its inflation rate to that of the United States, the United Kingdom, or Germany.

“No weapons have been transferred to Ukraine by us; instead, you have mismanaged the economy and are hunting for justifications. Why won’t there be inflation in America when they are funding Ukraine in the conflict and Germany is dealing with a power crisis due to its reliance on Russian gas? They discuss about the Ukraine war and inflation in Europe and America. Why are we at the IMF when there are more connections between those nations than Ghana?” He queried.

Trust

Ken Ofori-Atta, the minister of finance, and Vice President Mahamudu Bawumia, the chairman of the EMT, according to Mr. Nketiah, have shown a lack of skill to handle the economy and have consequently lost the confidence of the public.

He added encouraged the administration to fill those positions with Ghanaians who have practical expertise running the country’s economy.

All things are never equal in the real world, contrary to what economics teaches, so we need someone with actual, hands-on experience managing crises rather than someone who will be quoting textbooks, said Mr. Nketiah.

“Because they have shown a failure to manage the economy, they are ineligible to represent Ghana in this IMF engagement because managing an economy depends on trust, and these people have damaged that trust in the past by their statements about the IMF and the economy.

“If the President can find someone else to run the EMT and the Finance Ministry, it will benefit the government and the entire nation. Ghanaians with such experience are plenty, and they can even locate a technocrat who isn’t a politician but can inspire the populace’s confidence and persuade both the government and the opposition to examine the problems impacting the economy objectively “He was tense.

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