Business News of Sunday, 9 April 2023
Source: www.ghanaweb.live
2023-04-09Avoid IMF trojan horse aid and focus on sustainable wealth - Kofi Amoah to government
Ghanaian businessman, Kofi Amoah
Ghanaian businessman, Kofi Amoah, has called on government to desist from running to the International Monetary Fund (IMF) for financial assistance as their aid to Ghana has not been beneficial.
According to him, Ghana has been to the IMF 16 times yet, the local economy keeps plunging into destruction.
Kofi Amoah further said Ghana
Read full articlehas been rendered import and loan dependent due to its wobbling economy.
In a tweet sighted by GhanaWeb Business, the business magnate said it's about time government created wealth and focused on sustainable wealth.
"WARNING! IMF is not the solution 4 Gh. It’s a solution used 16 times that did not work but rather weakened Ghana’s economy n rendered her import n loan dependent. Avoid Trojan Horse aid n focus on the BIGGER sustainable wealth we can create internally," his post read.
It would be recalled that government on July 1, 2022, announced its decision to engage the International Monetary Fund (IMF) for a $3 billion financial bailout programme.
Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.
A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.
The IMF programme, according to government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.
Meanwhile, IMF has assigned Leonard Chumo as Resident Advisor to the Bank of Ghana.
About the trojan horse story
The Greeks built a large wooden horse that the people of Troy pulled into the city.
During the night, soldiers who had been hiding inside the horse emerged, opened the city's gates to let their fellow soldiers in and overran the city.
ESA/BB
