Isaac Adongo raises concerns over IMF review of Ghana's economy

Ghanaian

Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, has voiced skepticism regarding the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.

Despite the IMF's positive evaluation, which positions Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout

Read full articlepackage, Adongo has raised questions about the true state of the nation’s economy.

While the IMF has commended Ghana for its performance, citing key indicators that suggest the programme’s effectiveness, Adongo remains unconvinced about the actual conditions on the ground.

He expressed these reservations in an interview with Citi News, emphasizing the disparity between the IMF’s assessment and the realities faced by Ghanaians.

Adongo's skepticism extends to the IMF’s role as a consultant, suggesting that consultants rarely acknowledge the failure of their advice. He highlighted that while the IMF may not directly engage with the local market, surveys indicate a worsening inflation rate, contrasting with the IMF’s positive review.

In his interview, Adongo questioned the necessity of the IMF's affirmation, stating, “Do you need the IMF to come and tell you that you can’t buy a ball of kenkey? Do you need the IMF to tell you that the fuel is now almost GH¢15 per litre? Do you need the IMF to tell you that you need more than GH¢13 to buy a dollar?"

He emphasized that the IMF, as a consultant to Ghana, may not have a full grasp of the economic challenges faced by ordinary Ghanaians.
Adongo's remarks underscore a broader sentiment among some critics who believe that the IMF's assessments may not always reflect the lived experiences of citizens.

As Ghana continues to navigate its economic challenges, the divergence in perspectives between global financial institutions and local stakeholders raises important questions about the effectiveness of international financial programs in addressing grassroots economic concerns.