A cross-section of Ghanaians in the Sekondi-Takoradi Metropolis have reacted to the country’s return to the International Monetary Fund (IMF) for an economic bailout to serve the dying economy.
The response comes on the back of President Akuffo Addo directing the Finance Minister, Ken Ofori Atta to commence formal engagements with the IMF, to support the economy of the country.
A statement from the Ministry of Information disclosed that the engagement with IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic, and recently, the Russia-Ukraine crises.
Some citizens, however, have expressed disappointment at the move of the government, especially after the passage of the e-levy despite a public outcry against the policy.
Ghana heads back to the IMF just over three years after exiting the programme.
Ghanaians in recent months have been feeling the pinch of record inflation and the impact of the Russia-Ukraine war amid cuts in government spending to avoid a full-blown debt crisis.
” Going to the IMF is not a good move, although the Fund will help us out, the terms and conditions attached would only over burden the nation.”
” I don’t trust our leaders, because they promised that we won’t go to the IMF but now we are running to them. I feel disappointed.”
“All this while, I knew the government would go to the IMF. The E-levy they estimated was not going to salvage the situation. They have lied to us. Things would get tougher and tougher with this IMF bailout.”
State of economy
According to a report by Graphic.com sighted by Beach News Room, Ghana’s economy grew by 3.3% in the first quarter of 2022 compared to the same period in 2021 and inflation surged to a record of 27.6% in May.
Aside from this, the country is also grappling with high debt and a depreciating currency, the cedi.
A controversial tax on Electronic transactions (E-Levy) which was aimed at relieving some burden off the government is yet to generate any significant revenue.
There was a two-day protest in Accra over fuel price hikes, inflation and an economic downturn.
The Arise Ghana group said it wanted the government to cancel the Electronic Transaction Levy (E-levy) immediately and also take steps to reduce inflation and arrest the depreciation of the cedi to help bring relief to the Ghanaian people.
