Ghana became a member of the International Monetary Fund (IMF) on 20th September 1957.
The decision by Akufo-Addo’s Government to seek IMF support due to the inability of Government to achieve its revenue projections for the E-levy policy has been vehemently criticized and mocked by members of the NDC who unfortunately sent Ghana to IMF for 10 times out of the 17 times that Ghana has been to the IMF for bailout.
NDC Records With the IMF
The National Democratic Congress(NDC) has been to the IMF for 10 times since 3rd August 1983.
NDC under Rawlings went to the IMF for bailout on:
1. 3rd August 1983
- 27th August 1984
15th October 1986
6th November 1987, for Structural Adjustment Facility Commitment.
6th November 1987,for Extended Fund Facility.
9th November 1988
30th June, 1995
3rd May 1999
NDC under Prof. Atta Mills went to the IMF for Extended Credit Facility on:
9. 15th July 2009
NDC under John Mahama went to the IMF for Extended Credit Facility on:
10. 3rd April 2015
It is therefore very surprising for members of NDC to create an impression that, they have any alternative solutions to the prevailing economic conditions of Ghana largely attributed to COVID-19 pandemic and Russia-Ukraine War by World Bank and IMF.
Ghana equally went to the IMF during the Military dispensations on:
1. 17th May 1966
2. 25th May 1967
3. 28th May 1968
4. 29th May 1969
5. 10th January 1979
The New Patriotic Party (NPP) has been to the IMF for support on only two occasions out of the 17 times that Ghana has been to the IMF and these are:
1. 9th May 2003, under John Agyekum Kufuor’s Government.
- 26th September 2022, under Nana Akufo-Addo’s Government.
Why NPP under Kufuor went to the IMF?
Ghana went to the IMF in 2003 as a HIPC Country under the Presidency of John Agyekum Kufuor.
The decision by Kufuor’s government to send Ghana to IMF as a HIPC Country enabled Ghana to have a Debt Relief, and this initiative reduces Ghana’s Debt from $66 billion in 2003 to $23 billion by 2006.
Through excellent negotiation by Kufuor’s government, instead of paying of Ghana’s Debt, the International Monetary Fund(IMF) rather directed Ghana to invest its loan monies into Healthcare Delivery, Education and Infrastructural developments.
It is important to state that, there has been no single benefit of Debt Relief from the IMF throughout the 10 times that NDC has been to the IMF for bailout.
Why NPP under Akufo-Addo is seeking IMF?
It is very essential to state that, just like Kufuor’s Government, the Akufo-Addo’s Government is not seeking IMF support because of economic mismanagement, dumsor or bad governance as it were the case under Rawlings, Mills and Mahama’s Administrations.
Akufo-Addo’s Government is seeking IMF support to primarily protect the Free SHS Policy and Free TVET so that the destiny of over millions of Ghanaian Children under Free SHS & TVET will not be compromised or jeopardized.
The discussion between Akufo-Addo’s Government and IMF is centered on social protection, fiscal & debt sustainability, restoring & sustaining macroeconomic stability, promoting durable & inclusive growth.
The NDC has no moral right to criticize NPP when it comes to the IMF bailout because NDC has been to the IMF on 10 different occasions and NPP has been to the IMF for Only 2 times.
The reasons why NDC went to the IMF for 10 times are:
1. Economic Mismanagement
2. Bad Governance
3. Dumsor & incompetence(under John Mahama).
4. Reckless Expenditures.
5. Misappropriation and Misapplication of Funds.
The reason why NPP has been to the IMF for 2 times are:
1. Exogenous factors such as COVID-19 and Russia-Ukraine War as cited by World Bank and IMF during the era of Akufo-Addo’s Government in 2022.
2. For Debt Cancellation under Kufuor’s Government in 2003.