The Chief Executive officer for Public Sector Reforms, Kusi Boafo, has said Ghana going to the International Monetary Fund (IMF), in 2015 is not similar to 2022.
He said this when he joined Kwaku Dawuro on Movement In The Morning Political Show on Monday 4th July, 2022.
His comment comes after government announced its U-turn to IMF for economic bailout on 1st July, 2022.
Mr. Kusi Boafo said, “IMF exist to help countries build their reserves to sustain the currency, build its economy and offer technical support for budget deficit to increase revenues. Situations such as economic mismanagement are what leads many countries especially in Africa to go to IMF. Ghana has gone to IMF for sixteen times and they are all due to economic mismanagement’’.
He added that the NPP government took Ghana from IMF through it Ghana beyond aid agenda.
“When COVID -19 ransacked world economy and affected global economy, it led to world economic crisis to the extent that even the IMF and World Bank almost went broke. Some monies that were supposed to have gone to African Central Bank was used to bail IMF. Ghana first got part of that money during the peak of the pandemic. Now many African countries have gone to the IMF for money to build their reserve- and Ghana feels it’s time to go for the money the financial institution acquired through printing of currency which has resulted in high inflation and currency depreciation’’, he stated.
He indicated that once we build the reserve it will help build local currencies and decrease it’s depreciation.
‘’Ghana going to IMF in 2015 was due to economic mismanagement. NPP going in 2022 is different- they should not compare to NDC’’, he concluded.
Video below…