The Akufo-Addo/Bawumia government has faced strong criticism from the Minority Leader, Dr Cassiel Ato Forson, for taking an unenviable place in Ghana’s economic history by signing the country up for what he deems the worst form of an IMF program.
Wrapping up the Minority’s debate on the 2023 mid-year budget review in Parliament, Dr Ato Forson emphasized that the Ghanaian people should understand that it was not the IMF that imposed harsh conditionalities and austerity measures, but rather the government of President Akufo-Addo and what he described as the economic mismanagement team led by Alhaji Bawumia.
He highlighted that Ghana’s current IMF program is unprecedented in the country’s history, being the first and only one to involve debt restructuring. Dr Ato Forson criticized this debt restructuring for its detrimental impact on various segments of society, stating that it has impoverished the rich, middle class, and to a large extent, the poor.
“It should be noted that this is the first mid-year budget review, post the IMF programme. It must also be made clear that this is the worst form of an IMF programme since Mansa Musa went on the famous pilgrimage. Ghanaians must understand clearly that it is not the IMF which imposed these horrible conditionalities and austerity on them. Rather, the government of President Akufo-Addo and the economic mismanagement team, led by Alhaji Bawumia, imposed them on the Ghanaian people,” he said.
Moreover, the Ajumako-Enyan-Esiam MP also pointed out that the debt restructuring has led to the insolvency and bankruptcy of banking and financial institutions. Many banks, non-bank financial institutions, and insurance companies declared significant losses in 2022 due to what he called the government’s recklessness and mismanagement.
“Almost all our banks, non-bank financial institutions and insurance companies declared huge losses in 2022 as a result of government’s recklessness and mismanagement which resulted in this debt restructuring,” he noted.
The Minority Leader voiced his concerns about Ghana’s distressing economic situation, with many citizens in despair and losing hope in the current administration’s competence.
He further lambasted the government for imposing avoidable hardships on the Ghanaian people, asserting that these hardships were needless and could have been prevented.
“Our country is in distress, our people are in despair and most Ghanaians have lost hope in this incompetent NPP administration. All the hardships we are seeing and experiencing were avoidable. These hardships are needless. The level of economic adjustments witnessed in the last 12 months has never happened in the history of our country.”
The Akufo-Addo/Bawumia government faces mounting criticism from the opposition for its handling of the economy and the impact of the IMF program on the country’s financial well-being.
