Technical Advisor to the Vice President, Dr. Tiah Kabiru Mahama says going to the International Monetary Fund (IMF) was government’s last hope for assistance.
According to him, the IMF is a program no country desires, but in the case of Ghana, it became a necessity.
Speaking in an interview on JoyNews on February 12, he said the Finance Minister was optimistic when he stated that government could manage the affairs of the country without going to IMF.
“But when push came to shove we needed to do that, we needed to go to them. Ghanaian’s economy had no option than to opt for such an assistance.
“So when you are basically optionless you have to take measures that will actually save your economy and save lives,” he added.
Dr. Mahama emphasized that the Vice President also defended the Bank of Ghana’s decision to extend credit to the central government with the hopes that it will help government to navigate the crisis until normalcy returns.
“With the IMF program, no country will want to go to IMF unless of course it is a measure of last resort.”
He explained that the government took that decision because, there were no viable alternatives available.
However, Dr. Mahama said the funds from the IMF were used for Ghana’s development. He highlighted the construction of roads, infrastructure and the development of the country’s railways system as some major projects implemented with the help of the fund.
He also noted that the government has employed over one million people in the public sector, ensuring they receive salaries, including those already on its payroll.
“This government can clearly account for the money that has been received from IMF”, he added.