Government Decision To Seek IMF Bailout Late But Welcoming – Ex-President John Mahama Reveals

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The government's decision to start negotiations with the IMF for a bailout package to help recover the economy has been hailed by the former president John Mahama, despite his criticism that the move came a bit too late.

Mahama stated in a statement that the government's declaration is critical to addressing the myriad problems that have beset the Ghanaian economy. However, he insisted that in order to complement the IMF program that would be decided upon following negotiations, the government must create a more effective domestic program.

"I applaud President Akufo-choice Addo's to formally engage the IMF with the goal of establishing a program under the Fund. Even if it is late, it should represent a significant move in the right direction towards addressing Ghanaians' dreadful economic predicament, which has left them drowning in extreme sorrow and tribulations, he said.

On Friday, July 1, 2022, the Ministry of Information declared that President Akufo-Addo had given the go-ahead for Ghana to start negotiations with the IMF for a bailout. The IMF negotiations would be led by the minister of finance, Ken Ofori-Atta, according to the announcement; however, John Mahama argued the minister should not be permitted to join the team of negotiators.

"He has lost the respect of our economy's stakeholders as well as their trust and confidence. In order to turn around our nearly dismal condition, President Akufo-Addo must make the audacious choice to fire his finance minister immediately and replace him with someone more capable and confident.

In addition, he restated his prior demand that Vice President Mahamudu Bawumia be relieved of his position as the team's chairman "given his obvious failures."


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