Ghana’s economy showed signs of serious challenges even before COVID-19 struck. The World Bank’s country director has been emphatic that our economic challenges persisted even before the COVID-19 crises.
As government has initiated discussion with the International Monetary Fund (IMF), many Ghanaians and policy analyst expect tough economic policy changes, especially with cutting down on expenditure and possible cancellation of many social intervention programs as well as how to increase domestic revenue generation.
President Akufo-Addo, last week, ordered the Minister for Finance, to commence formal engagements with the Fund after a telephone conversation with the president and the IMF managing director, Kristalina Georgiev.
In terms of expenditure and funds related to Covid-19, Ghana experienced positive net benefits as the funds raised were more than the expenditure incurred. So if the fresh and ongoing engagement with the IMF is pandemic induced, then it is pandemic mismanagement.
According to Finance Minister, although the economy is in difficulties now, he believes the it is heading in the right direction, and therefore government will find alternative ways of refinancing the country’s debt.
Sadly, these contrived and concocted narratives led by no less a person than the Vice President, Dr. Mahamadu Bawumia against the person of former President Mahama was therefore as needless as they are mischievous and propaganda-laden.
Key ministers in the current Akufo-Addo/Bawumia government are on deliberate spree of deceit to hide the truth about the initiation of the Electronic Transaction Levy (E-Levy).