Isaac Adongo rejects IMF’s positive evaluation of Ghana’s economy

Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, has raised concerns regarding the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.

Despite the IMF’s favorable assessment, which paves the way for Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Adongo has cast doubt on the true state of the nation’s economy.

While the IMF has lauded Ghana for its performance, citing key indicators that signal the effectiveness of the programme, Adongo remains skeptical about the actual economic conditions on the ground.

Ghana is progressing towards passing the management executive board review, leading to the disbursement of the third tranche of $360 million from the $3 billion package.

Reacting to the IMF’s report indicating Ghana’s strong performance, Adongo voiced reservations in an interview with Citi News, underscoring the gap between the IMF’s assessment and the lived experiences of Ghanaians.

Adongo’s skepticism extends to the IMF’s role as a consultant, suggesting that consultants seldom acknowledge the failure of their advice.

He pointed out that while the IMF may not directly interact with the local market, surveys reveal a worsening inflation rate, contrasting sharply with the IMF’s positive review.

“Do we really need the IMF to inform us that purchasing a ball of kenkey is becoming unaffordable? Do we require the IMF to inform us that fuel prices are nearing GH¢15 per litre? Do we need the IMF to inform us that we need more than GH¢13 to buy a dollar? The IMF acts as a consultant to Ghana, and historically, no consultant has admitted failure to the people of Ghana.

“The reality is evident to all of us; the IMF doesn’t make purchases from our markets. Surveys indicate that inflation is exacerbating. Are we to prioritize the IMF’s perspective over our own experiences?” he questioned.