When you’re broke don’t you borrow? – KT Hammond justifies Ghana’s going to IMF

Member of Parliament for Adansi Asokwa, KT Hammond, has justified Ghana’s decision to seek assistance from the International Monetary Fund (IMF).

Addressing Ghanaians in Parliament after President Akufo-Addo delivered the 2024 State of the Nation Address, he noted that the move was necessary given the country’s economic challenges resulting from the COVID-19 pandemic. 

Ghana’s engagement with the IMF has been a subject of debate, with proponents arguing that it is a necessary step to stabilize the economy and implement crucial reforms, while critics express reservations about the potential implications for national sovereignty and economic independence.

Despite various promises made by President Akufo-Addo not to resort to IMF assistance during his tenure, Ghana ultimately found itself in a position where seeking external financial support became inevitable. 

The decision sparked debates and raised questions about the government’s economic management strategies and its ability to fulfill electoral promises.

However, KT Hammond is responding to such criticisms, arguing that going to the IMF was the responsible course of action to address Ghana’s economic challenges and ensure the country’s financial stability in the long term.

“When you’re broke, don’t you borrow?” he asked. 

He further acknowledged the economic hardships currently being experienced by Ghanaians under the current administration. However, he noted that these challenges largely resulted from the COVID-19 pandemic.