The ruling New Patriotic Party’s (NPP) hope of breaking the eight to retain power in the 2024 general election will remain a dream.
According to a leading member of the National Democratic Congress (NDC), Ambassador Sam Pee Yalley, given the current socio-economic conditions in the country, the NPP is already in opposition.
He made the comment while reacting to government’s decision to go to the International Monetary Fund (IMF) for a bailout.
The IMF lending to Ghana will be for balance of payments support (i.e. to shore up the international reserves).
Economists have expressed divergent views on Ghana’s 17th IMF programme with many predicting it would resuscitate the economy.
Others including Professor Steve Hanke, an international economist at John Hopkins University in the United States, believes Ghana’s current IMF program will fail.
But speaking on Adom FM’s morning show, Dwaso Nsem programme Tuesday, Mr Yalley said the decision to seek IMF bailout is apt.
In his view, Ghana’s economy was heading into an abyss if President Akufo-Addo had not seen reason to seek IMF support.
This notwithstanding, Mr Yalley said the fundamentals of the economy including exchange rate is still weak.
“NPP saying they want to break the eight but the dollar has broken the eight. Ghana becoming like Sri Lanka,” he bemoaned.
The NDC man maintained that, Ghana’s economic woes are due to populists policies like the free Senior High School policy implemented by the Akufo-Addo government for cheap political points.
“We are here because of policy choices not because of impact of COVID-19 or the Russian-Ukraine war,” Ambassador Yalley opined.