‘Finally, common sense is prevailing’ – Sam George on Ghana engaging IMF

The MP for Ningo-Prampram, Sam George has reacted to government’s intention to begin formal engagements with the International Monetary Fund (IMF).

For the outspoken politician, the move is long overdue, since the country’s economy has not been in good form for many months.

“We are officially going back to the IMF for a program. Finally, common sense is prevailing,” Mr George tweeted on Friday.

Earlier, the Information Ministry issued a document indicating that there had already been a conversation between the IMF boss, Kristalina Georgieva and President Akufo-Addo conveying government’s decision to engage the Fund.

“The President of the Republic, Nana Addo-Dankwa Akufo-Addo, has authorised Finance Minister, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic programme put together by the Government of Ghana”.

“This follows a telephone conversation between the President and the IMF Managing Director, Krisalina Georgivia, conveying Ghana’s decision to engage the Fund.”

Cabinet at a meeting on June 30th, 2022, supported government’s decision to pursue an economic programme from the Fund.

At the beginning of the year, the Akufo-Addo-government had been adamant in seeking financial support from the IMF despite the adverse effects of Covid-19 on the economy.

It insisted that home grown alternatives can be exploited to revamp the ailing economy, hence, the Electronic Transfer Levy (e-levy) was implemented.

However, prior to its implementation, the Executive Director of the Media Foundation for West Africa (MFWA), Sulemana Braimah, said it is inevitable that government will seek assistance from the International Monetary Fund (IMF).

He argued that this is because the “economy has collapsed”, a devastating situation he believes must not be blamed on the Covid-19 pandemic, but rather, corruption and mismanagement of the country’s resources.