The decision by the NPP led Nana Addo’s government to move to solace with the International Monetary Fund (IMF) for a bailout of the economic crisis has caused a stir in opinions about whether good or a bad move.
According to the District Chief Executive for Banda, Hon. Akon Emmanuel has said an IMF policy promotes stability, reduces vulnerability to crises, and encourages sustained growth and high living standards of the economy.
“In addition to my surveillance activities, the IMF provides technical assistance to help strengthen members’ institutional capacities and makes resources available to them to facilitate adjustment in the event of a balance of payments crisis”, the DCE expressed.
Hon. Akon Emmanuel in an interview stated ‘why it is important to seek IMF bailout by the NPP government since there have been numerous statements that IMF is not the way to go’.
He said the IMF bailout will strengthen Ghana’s economic stability as a matter of avoiding financial crises caused by the Covid-19 and the Russia-Ukraine war, swings in economic activity, and high inflation.
The DCE, therefore, disclosed that Instability financial support can increase uncertainty, discourage investment, impede economic growth and hurt living standards.
“We’re going to IMF to negotiate on financial stability, therefore Ghana needs not to be left out, as recent crises have shown economies interconnected”, he bemoaned.
He added, “The IMF helps countries implement sound and appropriate policies through its key functions of surveillance, capacity development, and lending, they also offer precautionary credit lines for countries with sound economic fundamentals like Ghana for crisis prevention, the E-levy is not working out as expect so if the negotiation with IMF help, we will go for the bailout, if it will not help, we’ll stop”.
