Kufuor lauds Otumfuo's role in rescuing Ghana from economic crisis

Former President John Agyekum Kufuor has praised the instrumental role played by Asantehene Otumfuo Osei Tutu II in saving Ghana from a severe economic crisis during his presidency.

Kufuor recounted a critical moment when Ghana faced a setback in its efforts to secure a deal with the International Monetary Fund (IMF) to exit the Highly

Read full articleIndebted Poor Countries (HIPC) initiative.

"We were in the HIPC program, and it was a dire situation. Ghana was struggling to receive foreign aid, so we negotiated with the IMF for two years to resolve our economic woes. However, at the last minute, the IMF meeting excluded Ghana due to reports of irregularities at the Ministry of Finance," Kufuor revealed in an interview with Opemsuo Radio.

Kufuor highlighted a pivotal intervention by Otumfuo, who was scheduled to travel to the United States at the time and had influential connections.

"Just before his departure, he visited me at the Castle, and I bid him farewell. The news of the rejection arrived just after he left," Kufuor recalled.

"However, 3 to 4 days later, Juabenhene visited me, and I was surprised to see him because I thought he had traveled with Otumfuo. I briefed him on the failed IMF deal and urged him to inform the King when he leaves the country," Kufuor said, emphasizing the urgency of the situation.

Otumfuo's swift action was highlighted, with Kufuor recalling a phone call from the Asante monarch shortly after being briefed by Juabenhene.

"Through his connections, Otumfuo arranged for me to speak directly with a World Bank official and later with an IMF official, who promised to advocate for Ghana's case," Kufuor explained.

"This collaborative effort ultimately saved Ghana from the brink of economic crisis and out of HIPC. At that time, Ghana owed around $8 billion, but that approval saved Ghana over $4 billion," Kufuor added, underscoring the significant impact of Otumfuo's intervention.