Former deputy minister for communication, Felix Ofosu Kwakye, has attributed the overwhelming economic hardship in the country to the government’s value on politics over economic stability.
He said this during a live event on Twitter organized by the 18plus4NDC youth group on 11 December 2022.
He also noted that the government, instead of visiting the International Monetary Fund (IMF) for a bailout, waited for too long for political reasons.
“They were shy after making noise that they won’t visit the IMF”, he said.
Throwing light on the term ‘hair-cut’ Mr. Kwakye explained, “debt restructuring is keeping money that is due another,” he explained that the government has borrowed too much, hence the introduction of the hair-cut to inappropriately shield the economy from collapsing even further.
Since the introduction of the haircut policy by the government, many Ghanaians have lost portions of their money in bonds and treasury bills to the government further heightening the hardships for many.
Kwakye has bemoaned the plight of several individuals whose livelihoods were to be directly affected by the haircut and economic mismanagement of the Akuffo- Addo-led government.
“IF we had gone to the IMF in March 2021, things wouldn’t have been this bad and will not have haircut” he said, “ but this government decided that it will play politics with our debts. Instead of admitting that things were bad, they were simply creating the impression that they had the capacity to resolve it”, he further explained.
In Kwakye’s analysis, there is nothing wrong with going to the IMF as a country.
“Ghana had already been to the IMF seventeen times. The Fund exists to bail out countries in difficulties,” he asserted.
Noting that the only way to have any relief in the economy is to go to the IMF to borrow $3 million at a concessionary rate, Kwakye, reminded Ghanaians that the IMF bailout is not without conditionalities.
He gave the assurance that the next NDC administration will utilize the mandates of Ghanaians to put the economy back on track.
Kwakye, being confident that the next NDC administration will enhance its prudence in the management of public resources, urged Ghanaians not to be swayed by empty slogans from other parties prior to the 2024 elections.
“NDC promotes substance,” he reminded voters.
By Esther Tetteh