Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has taken a swipe at Vice President, Dr Mahamudu Bawumia and the Economic Management Team as the local economy has plunged into destruction.
According to him, the Economic Management Team (EMT) led by Dr Mahamudu Bawumia has been a spectacular failure.
John Dramani Mahama averred that government had earlier refused to admit that Ghana needed a financial bailout from the International Monetary Fund despite several warnings and advise from economists at the initial stages.
Speaking at the 7th CEO Summit in Accra on Monday, May 22, 2023, Mahama said, “Our return to IMF cup in hand has made our Ghana beyond Aid policy a bunch of jokes amongst many commentators in the world…Government was in sink and unanimously dismissing and disassociating themselves from ever seeking an intervention from the IMF. We were told bluntly by the government that they were never going back to the IMF.”
“Even two weeks before the decision was announced, government officials said we will not go to government today or tomorrow or as long as the NPP remains in government,” John Mahama noted.
“To them, because of the untruth they peddled in the past about going to the IMF, for them going to the IMF was envisioned that they have failed as a government. Truth is, IMF or no IMF, the economic management team led by our dear Vice President has been nothing but a spectacular failure,” the NDC flagbearer stated.
On May 17, 2023, IMF approved Ghana’s request for $3 billion bailout programme under an Extended Credit Facility (ECF) over three years.
The IMF programme, according to government, is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.
Following the approval, the IMF credited the first tranche of the loan facility consisting of $600 million to the Bank of Ghana’s account. The remaining tranches of the loan will follow after reviews have been conducted by the Bretton Wood institution.