Going to IMF is belated but important step- Mahama

Former President John Dramani Mahama has welcomed President Akufo-Addo’s decision to formally engage the International Monetary Fund (IMF), for a bailout.

In a statement, the former President said although it took so long for the government to seek the bailout, it was better late than never.

”Though belated, it should mark an important step towards addressing the dire economic situation, which has left Ghanaians wallowing under intense suffering and hardships.”

He stated that Finance Minister Ken Ofori-Atta has lost credibility and cannot lead the negotiations between Ghana and the IMF.

He also asked the President to reconstitute his economic management by replacing the Vice President as the chair of the team.

Read the full statement below

I welcome President Akufo-Addo’s decision to formally engage the IMF with the view to entering into a programme under the Fund.

Though belated, it should mark an important step towards addressing the dire economic situation, which has left Ghanaians wallowing under intense suffering and hardships.

Beyond the announcement of engagement with the IMF, a comprehensive home-grown programme should be fashioned out and presented to the Fund for support. It is imperative that a team of skilled and competent negotiators is put together to obtain the best set of measures with the Fund.

The Finance Minister who has supervised the disastrous collapse of the economy cannot and should not be part of the team of negotiators. He has lost credibility and the trust and confidence of stakeholders in our economy.

President Akufo-Addo must take a bold decision to replace his finance minister immediately with a more assured and competent person who is willing a

In addition, given his obvious failures, the Vice President must be relieved of his responsibility as Chair of the Economic Management Team to enable the President to reconstitute the team.

We must draw useful lessons from this episode and avoid cheap politicking with the economy; that can only yield the disastrous outcomes that have brought us here.

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