Speaker, Alban Bagbin, has raised concerns regarding the recurring reliance on the International Monetary Fund (IMF) by successive governments during economic crises.
Addressing an event in the Volta Region over the weekend, Bagbin pointed out that Ghana’s economic challenges stem from development plans influenced by political motives. This tendency has led to the discontinuation of projects when a new party assumes power.
Bagbin emphasized the need for a comprehensive national development plan and vision. He urged all political parties to unite around this common plan to prevent fragmented strategies and the subsequent abandonment of crucial projects.
“We leave a lot of uncompleted projects, wasting a lot of national resources and going to beg the IMF to salvage us when we know that the IMF has never supported any society to develop.
“No society in the world has been developed through the support of the IMF. So, we have been there 17 times and we are worse off, yet we are going again. Cap in hand, begging for salvation,” he stressed.
His remarks come at a time when the government led by Nana Addo Dankwa Akufo-Ado is currently operating under a $3 billion IMF program, with only the initial installment of $600 million disbursed thus far.
The state of the Ghanaian economy has been a prominent subject of discussion in recent months, marked by challenges such as soaring inflation, a weakening currency, a general decline in the quality of life, and the overall high cost of living.
The government has consistently attributed these economic difficulties to the aftermath of COVID-19 and the Russia-Ukraine war. Last year, in response to the challenges, the government sought and secured a $3 billion IMF loan, with the first tranche of $600 million having been deposited into the government’s account.