The Ranking Member on the Finance Committee in Parliament, Isaac Adongo, has raised concerns following the recent staff review by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.
Despite the IMF’s favorable evaluation, which sets Ghana up to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Mr. Adongo has cast doubt on the true state of the country’s economy.
While the IMF has praised Ghana for its performance, citing key indicators that suggest the programme’s effectiveness, Adongo remains skeptical about the actual conditions on the ground.
Ghana is progressing toward passing the management executive board review, leading to the release of the third tranche of $360 million from the $3 billion package.
In response to the IMF’s report indicating Ghana’s robust performance, Mr. Adongo said there is a gap between the IMF’s assessment and the realities experienced by Ghanaians.
His skepticism extends to the IMF’s role as a consultant, suggesting that consultants often overlook the failure of their advice.
He pointed out that, while the IMF may not directly engage with the local market, surveys indicate a worsening inflation rate, a stark contrast to the IMF’s positive review.
“Do you need the IMF to come and tell you that you can’t buy a ball of kenkey? Do you need the IMF to tell you that the fuel is now almost GH¢15 per litre? Do you need the IMF to tell you that you need more than GH¢13 to buy a dollar? IMF is a consultant to Ghana and no consultant has ever told the people of Ghana that it has failed.
“The truth is what you and I know, IMF doesn’t buy things from our market. The survey is telling us that inflation is getting worse and you want to believe what the IMF says?” he questioned in an interview on Citi FM.
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