Ghanaian News

IMF bailout: We cannot blame Bawumia, says Assibey Yeboah

The former MP for New Juaben South, Mark Assibey Yeboah, has said the Vice-President Dr Mahamudu Bawumia cannot be blamed for Ghana’s decision to seek a bailout from the IMF.

Yeboah said going to the IMF for support is not a bad choice, however, the vice president as the head of the economic management team is not the cause of the country’s current economic woes.

He said global happenings such as the Russia-Ukraine war and the COVID-19 pandemic are chiefly to blame.

“Some of these have not been his creation,” the former lawmaker told Accra-based Citi TV. “He didn’t anticipate the war. He didn’t know we were going to be hit with a pandemic.”

“So, we’ll have to cut him some slack,” Yeboah said.

Mark Assibey-Yeboah

IMF staff visit
Meanwhile, the International Monetary Fund (IMF) staff team, led by Carlo Sdralevich, mission chief for Ghana, will visit Accra from 6 –13 July to begin initial discussions with the Ghanaian authorities about a possible IMF-supported programme.

In a statement, Sdralevich said, “On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies.”

“We are at an early stage in the process, given that detailed discussions are yet to take place.”
The statement added, “The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic.”

“We are looking forward to our engagement with the authorities in Accra.”

Ghana’s decision to opt for an IMF programme has been greeted with mixed reactions, with concern about what it may mean for public sector jobs and social programmes.

On 1 July 2022, President Akufo-Addo authorised the Minister for Finance, Ken Ofori-Atta, to commence formal engagements with the International Monetary Fund (IMF).

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the president’s directive to the Finance Minister followed a telephone conservation between President Akufo-Addo and the IMF managing director, Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund.

“The engagement with the IMF will seek to provide balance-of-payments support as part of a broader effort to quicken Ghana’s build-back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises,” the statement read.

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