Minority Spokesperson on Finance, Dr. Anthony Akoto Osei, says calls on government not to seek financial assistance from the International Monetary Fund (IMF) have no basis.
During this year’s May Day parade in Accra, the Trades Union Congress (TUC) cautioned government to desist from seeking any form of financial bailout to deal with the current economic challenges facing the country.
Secretary General of the TUC, Kofi Asamoah, said the Ghanaian economy had not benefited from previous supports from the IMF and the World Bank because of conditions that usually came with them.
In the past months, rising inflation, a depreciating currency, high budget deficit amongst other crippling challenges have undermined Ghana’s economy, sparking public outcry as food, fuel and utility prices rise sharply.
Some analysts say the state of the nation’s economy means Ghana must necessarily turn to the IMF for support. But, the TUC, the nation’s largest labour grouping, has served notice it will oppose any plan by the government to invite an IMF bailout.
In a Citi News interview on Thursday, Minority Spokesperson on Finance, Dr Anthony Akoto Osei, said the TUC’s position is baseless.
He said, ”If you don’t put in [place] proper policies, then somebody [IMF] will tell you what to do. Ghana is a member of the IMF, so we are entitled to any benefit that accrues from there.”
”We should not blame our problems on the IMF; our difficulties cannot be blamed on the IMF. It is not the IMF which is producing the inefficiencies in government; it’s not the IMF that is not collecting revenue from the customs,” Dr. Akoto Osei told Eyewitness News on Thursday.
He said instead of the TUC blaming the IMF for the nation’s economic problems, they must press government to deal with Ghana’s institutional and systemic weaknesses.
”Corruption in Ghana is not promoted by the IMF; it is done by Ghanaians,” he noted.
He argued that the TUC’s argument against the IMF is ”neither here nor there” because ”our own policies are the cause of the troubles [facing the economy], not the IMF.”
”The IMF only gives balance of payment support, [reserves to support member countries],” he noted.
While urging the TUC to stop the blame game, Dr. Akoto Osei posed a rhetorical question: ”When you pay the judgment debt that you are not supposed to pay, how can you go and blame the IMF?”
Dr Akoto Osei also answered questions on matters relating to growing pressure on President John Mahama –– from within the National Democratic Congress (NDC) –– to dismiss his Finance Minister, Mr. Seth Tekper. In his view, the calls are baseless.
He explained that the Minister of Finance only acts on the President’s instructions so ”if they are calling for the dismissal of the Minister of Finance, why don’t they call for the dismissal of the President; because after all, the Minister of Finance is acting on behalf of the President.”
By: Evans Effah/citifmonline.com/Ghana