The Director of Communications for the New Patriotic Party (NPP) Mr Richard Ahiagbah has said that the government would not have gone to the International Monetary Fund (IMF) for support but for the invasion of Ukraine by Russia.
Also, he said, if the e-levy had been passed “without the partisan acrimony that attended it” the Fund would not have come in to support Ghana.
in a tweet, Mr Ahiagbah said “The NDC’s view that Ghana should have requested IMF support in 2021, was a piece of poor advice because the economy was showing positive signs of recovery from the Covid-19 slump in 2020, posting a 5.4% GDP at the end of that year.
“Had Russia not invaded Ukraine in 2022, and had the e-levy been passed without the partisan acrimony that attended it, Ghana would not have needed IMF support as we have it today.”
The NDC's view that Ghana should have requested IMF support in 2021, was a piece of poor advice because the economy was showing positive signs of recovery from the Covid-19 slump in 2020, posting a 5.4% GDP at the end of that year. Had Russia not invaded Ukraine in 2022, and had…
— Richard Ahiagbah (@RAahiagbah) May 19, 2023
The Board of the Fund unanimously approved Ghana’s bailout on Wednesday, May 17 at a meeting in Washington after Ghana secured the Paris Club financing assurance on Friday, May 12.
The Mission Chief for Ghana Stéphane Roudet said that the $3 billion bailout would result in reforms in the energy and cocoa sectors.
Also, he said the programme will result in reforms to encourage private sector investments and also build international reserves.
“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference in Washington on Thursday, May 18.
“It will be restoring macroeconomic stability, for higher and more inclusive growth. It has reforms that will make the economy more resilient and likely to withstand shock in the future,” he added.