IMF conditionalities will not favour farmers, agriculture - GAWU to government

Ghana runs to IMF for financial assistance

IMF may freeze government expenditure with their conditionalities, Edward Kareweh

IMF begins negotiation talks with Government of Ghana

General Secretary of Ghana Agricultural Workers Union (GAWU), Edward Kareweh, has averred that the conditionalities that will be attached to the financial bailout programme from the

Read full articlehref='/GhanaHomePage/people/person.php?ID=3679'>International Monetary Fund (IMF) to the Government of Ghana, will not favour the agricultural sector.

He added that the IMF may also freeze government expenditure on the sector.

Speaking on TV3's Key Points programme on Saturday, July 9, 2022, Edward Kareweh further said that running to the IMF will cause more harm than good to the country.

“We should know that what we are going to get from IMF will not be in support of farmers or agriculture. They may freeze government expenditure with their conditionalities,” he said.

“It’s unfortunate that we can mess up our economy to the extent of seeking the help of IMF. They will rather aggravate our problems than solve them,” the GAWU General Secretary added.

It would be recalled that President Nana Addo Dankwa Akufo-Addo on Friday, July 1, 2022 instructed the Finance Minister, Ken Ofori-Atta to commence official engagements with the International Monetary Fund.

According to a press statement sighted by GhanaWeb, the IMF support will provide a “balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic, and recently, the Russia-Ukraine crisis.”

The International Monetary Fund (IMF), on the same day, confirmed that the Government of Ghana had run to them for a financial bailout to stabilize the economy.

Announcing this on microblogging site - Twitter - on Friday, July 1, 2022, the IMF said it was poised to assist Ghana to have a homegrown economic programme.

"We confirm Ghana officials have been in touch to request IMF support for a homegrown economic program. The Fund stands ready to assist Ghana & looks forward to starting initial discussions in the coming weeks," the IMF stated.

Meanwhile, IMF negotiations with Ghana began on Friday, July 6, 2022.

ESA/WA