IMF bailout: Akufo-Addo and Bawumia are between the devil and the deep blue sea

Folks, I have been missing in action for quite some time. A friend called to ask whether I have stopped writing, and I laughed. I have not stopped writing. I can't stop writing.

The reason for my inactivity on social media is that I attended an International Writers' Conference in Ibadan where writers from about 40 African countries assembled

Read full articlefor the Pan African Writers Conference and General Assembly.

It was a worthy experience, and I had the opportunity to learn some Swahili.
It is interesting to note that the Swahili language consists of different languages spoken in different African countries. Many people think that for the sake of African unity, Swahili should be taught in schools in all countries of our continent and I agree.

For instance, "Asante sana" means thank you very much, and "sawa" which sounds like serwa means "okay". Tweakai, I know what some of you are thinking, but I won't mind you because I'm not a white man.

Talking about Pan Africanism, the story is told of an emcee who during an event in another African country where the Late Osagyefo Dr. Kwame Nkrumah was the Special Guest of Honour, introduced our first president as 'Osafogye Dr. Kwame Nkrumah'. There was a burst of shrieking laughter, and realising that he has made a mistake, attempted to correct himself by saying 'Ofosagye'. The laughter was thunderous, and he ended up saying 'Ogyefosa'. Funny, isn't it?

There is something funnier that is purported to have been said by Senyo Hosi. Once upon a time, our economy turned into ekomini, then into ekomdimi where we are presently. By December this year it will be ekomkumi, and I want to add that if God does not intervene by 2024, it will be ekomisiami.

This is an apparent indication of how bad our economy has become for which reason the Akufo-Addo-Bawumia-led government has decided to seek help from the International Monetary Fund (IMF).

This must have been a difficult choice by the NPP governing party because not too long ago the Finance Minister, Ken Ofori-Atta swore that his government will never go for an IMF bailout.

Speaking in an interview with Joy Business in Accra recently, the Finance Minister said that there is no way Government will seek help from IMF and that there is absolutely nothing on the table.

But, a Bloomberg survey conducted lately, said Ghana may have no option but to return to the IMF for financial support if its debt which is currently above 335 billion Ghana cedis continues to surge and create problems for the economy.

And indeed, the country's debt continues to rise and the Ghanaian economy is having serious problems which are believed to be the cause of the recent decision of some offshore investors to get out of Ghana’s bonds. This must have been what pushed Government to run to the IMF for a bailout to prevent an ekomikumi crisis by December.

Interestingly, going to the IMF will not be pleasant for the Akufo-Addo Bawumia-led government which is notorious for prolificacy. There are going to be financial restrictions that will bite them hard, especially in the upcoming 2024 election year. They have been accused of using huge sums of money in the 2020 elections.

And this accusation gained some weight when the 2nd Vice-Chair for the NPP and the 2020 Parliamentary Candidate for the Sagnarigu Constituency, Madam Felicia Tettey per an audio that went viral, indicated how COVID funds were shared among NPP party folks for the 2020 elections.

Heard her saying, "The COVID fund came, I was given GHC50,000 as a Regional Second Vice-Chair. Then who doubles as Parliamentary Candidate for Sagnarigu, I had another GHC50,000 making it GHC100,000. Then the Constituency was given GHC200,000 or so, I can't remember. So, MCE was given GHC30,000 I can't remember, then Chairman was given GHC20,000 and I think the other executives ten, ten thousand Ghana Cedis or so."

https://mobile.ghanaweb.com/GhanaHomePage/NewsArchive/I-received-GH-100-000-of-COVID-19-funds-NPP-Sagnarigu-PC-claims-in-viral-audio-1549367

Given this account and the fact that the NPP party functionaries have developed taste buds for cash, I don't see how they are going to survive the 2024 elections with limited cash as a result of IMF cutbacks. Perhaps, that is the reason why Hon. Kennedy Agyapong, Assin Central MP and a leading member of the NPP has lamented that his party going for an IMF bailout is just like handing over power to the NDC without a contest. And that is how it is. They have to choose between ekomikumi which will irk the youth, and giving up the reigns of power in 2024. This is a serious quagmire.

I love this Congolese proverb which says that "If while climbing a tree you insist on going beyond the top, the earth will be waiting for you."

Akufo-Addo and Bawumia have climbed beyond the top of the tree and the earth is waiting for them to crash in 2024. I don't envy them at all. They are indeed between the devil and the deep blue sea.