The Member of Parliament (MP) for Afigya Kwabre North, Collins Adomako Mensah has said that it’s premature to jubilate over the approval of the IMF bailout.
According to him, it’s a moment of sober reflection, so that for whatever reason the country had to sort for a bailout, it doesn’t happen again.
He noted that the first tranche of $600M received will support balance of payment and also fund certain projects in government’s budget.
“You will agree with me, that COVID-19 and Russia-Ukraine war had a dire effect on us as a country. However, I believe there’s a lesson we should pick from the global crisis..Nobody predicted COVID-19 and thus, there could be another economic meltdown in the future. What we should be much concerned about is to draw a plan as a country, on what we could do to prevent another shock in the future”, he told Kwaku Dawuro in a phone interview on Movement TV.
Stressing that this is the more reason as a country, we should build what we call bassel.
“We should at all times create what we call the sinking fund, where we could save for future occurrence. We need to build buffers. We all know that we haven’t been able to change the structure of our economy. Although we’ve began restructuring it with the implementation of projects and policies like One district One Factory(1D1F) among others”, he said.
He advised that Government build buffers and intensify initiatives like One District One factory so that Ghanaians could consume what they produce.