'Going to IMF is not a crime,' NDC right to slam government U-turn - NPP MP

Ghanaians suffering economic hardship

Government signs up for an IMF programme

Opposition mock government for decision to seek IMF support

Sylvester Mathew Tetteh, Member of Parliament for Bortianor-Ngleshie Amanfro, has conceded that the opposition National Democratic Congress, NDC, have every right to slam government for making a U-turn on a key policy stance.

The stance being

Read full articlea refusal to return to the International Monetary Fund, IMF, for support.

That position was abandoned on July 1 when government announced it had approached the global lender for an economic rescue programme.

In an interview on Accra-based TV3 (July 5), the MP defended that even though the opposition had won a political victory, the government was also right to an extent given the prevailing economic realities in the world.

“For me, the back and forth about the IMF doesn’t solve the problems. I have said the NDC has the right to score political point with respect to our position when they went to IMF. For me, politically I give it all to them.

“Going to IMF is not a crime, we are a member of the IMF, I have said that on may occasions. So, for me, to the NDC, they have the bragging right to say that we said were not going to the IMF and today you are in the IMF. On the surface of it, they have the right to brag with it.”

The lawmaker cited the twin crises of COVID-19 pandemic and the Russia-Ukraine war as incidents that forced government's hand to seek IMF assistance.

He added: “We are back to the IMF because we are not in normal times, nobody should downplay the effect of COVID-19 and then Russia-Ukraine war.”

Government through the Finance Ministry and the IMF team are set to hold meetings today. The team arrived in the country on July 5, and will also be expected to meet with officials at the Presidency.

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IMF statement on visit to Ghana

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

Mr. Sdralevich issued the following statement at the start of the visit:

“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 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.”