Investment

The Ability to Negotiate the NPP under Crisis Makes Us a Better Economic Manager than the NDC: Razak Kojo Opoku writes

Razak Kojo Opoku

First and foremost, let me say with certainty:
1. The IMF was the FIRST OPTION for incompetent John Mahama in 2015 after massive borrowing to pay off judgment debts and misuse of funds for SADA, GYEDA along with DUMSOR.

2. The IMF was never an option for the Akufo-Addo Government during the COVID-19 pandemic. The Economic Management Team has developed homegrown strategies to successfully handle the COVID-19 Crisis without an IMF bailout.

During COVID-19, our neighboring Countries like Nigeria, Ivory Coast and others relied heavily on IMF emergency loans to deal with the COVID-19 situation.

3. The IMF became the LAST OPTION for the Akufo-Addo Government after the combined impact of the post COVID-19 and recent Russia-Ukraine War, lack of full cooperation of some Ghanaians on homegrown policy such as E-levy and deliberate sabotage of NDC’s Members of Parliament against the US $ 1 billion syndicated loan.

The Akufo-Addo Government will only seek partnership with the IMF when all options have been exhausted.

However, the records of the Akufo-Addo Government under the IMF program before emerging in December 2018 clearly showed that the NPP Government is STILL the better Managers of the national economy under the Crisis.

Mahama’s government under the IMF:
1. FAILED to reduce Inflation between 11%- 12% by the end of 2016 as required by the IMF.

2. FAILED to Increase the growth rate between 5% -6% by the end of 2016 as required by the IMF.

3. FAILED to Resolve DUMSOR by the end of 2016 as required by the IMF.

4. FAILED to restore Fiscal Discipline by the end of 2016 as required by the IMF.

5. FAILED to return allowances for Teachers and Nursing Trainees as demanded by Students.

6. FAILED to implement FREE SHS as desired by Ghanaian parents.

7. FAILED to remove the 16 Pest Tax demanded by Merchants and the business community.

8. FAILED to recruit public sector graduates as part of IMF conditions.

Notably, the Government of Akufo-Addo under the IMF since 2017 has been SUCCESSFULLY ABLE TO:

1. Dumsor was resolved before the existing IMF.

2. Removed 16 Pest Taxes before exiting the IMF.

3. Implemented FREE SHS before leaving the IMF.

4. Employed 100,000 graduates under NABCO, approximately 60,000 under Youth in Afforestation, approximately 93,000 GES employees were recruited and approximately 70,000 plus nurses worked before the existing IMF .

5. Achieved an inflation rate of 9.84% in 2018 before leaving the IMF.

6. 1 Factory of District 1 started before the exit of the IMF.

7. The Banking Sector Clean up was done before the exit of the IMF.

8. Monetary Discipline was restored before leaving the IMF.

9. Growth rates of 8.13% and 6.2% were achieved for 2017 and 2018 respectively before leaving the IMF.

In authority, the Akufo-Addo Government under the IMF performed better than the Mahama Government under the IMF.

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