So what happened to the Ofori Atta from the IMF Kenkey Party?

There had been some theatricality in the operation of Ghana's political administrations, but what happened on March 22nd, 2019, brought the current Ghanaian administration, led by President Nana Akufo Addo, to new levels of absurdity. To commemorate the conclusion of Ghana's IMF and Extended Credit Facility (ECF) programs, the country's finance minister, Kenneth Ofori-Atta, hosted a kenkey party.

According to the minister, the event took place at the same time as two other victories, namely the successful completion of a Eurobond and the Cedi's second consecutive year of appreciation. The three accomplishments were referred to as "Ghana's Hat-trick" by Minister Ofori-Atta and were so worthy of celebration.One of the most delicious traditional cuisines in Ghana is kenkey, which is enjoyed by people from practically all social classes and demographics.


At a jam-packed news conference on May 12, 2018, Ken Ofori-Atta said that Ghana would not renew the three-year IMF debt bail-out agreement agreed in 2015 by the government of the time, which was led by John Dramani Mahama. Parts of his speech were summarized as follows: "Despite the ongoing economic difficulties Ghana faces, the government is committed to its "Ghana Beyond Aid Agenda. We have promised not to return to the fund because it is aware that we are moving in the right route. Validating our current program and identifying alternative debt management strategies are the two main objectives.

Ken Ofori-Atta's enthusiasm about the IMF's departure was expected rather than unexpected. It complemented President Akufo-Addo's goal of "Ghana Beyond Aid" extremely well. These catchphrases are common in Ghana's political lexicon. Especially in the years before elections, it's frequently used as a tool to win over lots of gullible and unsuspecting minds for their unwavering support. Although previous Ghanaian leaders of state may have used these cliches to support their regimes, their effectiveness has frequently been compromised by the politicians' inability to accomplish the goals of such slants.

With his catchphrase "Let the Blood Flow," Jerry Rawlings, who governed Ghana for 19 years in two capacities—as military and civilian president—incited common Ghanaians against the elites and won resounding popular support for his military governments in 1979 and 1981. After Jerry Rawlings, John Kufuor ran on the platform of "All Inclusiveness and The Private Sector, as the Engine of Growth," while John Mills sought to inculcate a sense of "Ghanaian Exclusivity" in Ghanaians.


After serving in power, a conservative analysis revealed they mainly used language to persuade the populace or create animosity against affluent opponents. Despite this, the cliché bug continues to be a fetish in Ghanaian politics. And another jarring phrase added to Ghana's political lexicon by Nana Akufo Addo's administration is "Ghana Beyond Aid."

Back to the International Monetary Fund in a dramatic fashion (IMF)

Ofori Atta expressed happiness at Ghana's IMF bond being broken, although Ghana still managed to get $1 billion in aid support from the IMF in 2020. However, Ken Ofori-Atta does not view the sum as being typical of an IMF bailout package. According to him, the aforementioned sum, which was announced during the corona virus (covid-19) pandemic, was a global call to reduce the pandemic's consequences, particularly in impoverished nations. And so, at least during the current administration, that does not imply that Ghana had changed its mind about dropping the IMF.

But as soon as reality set in, the Ghanaian government was back on the IMF stairs, pleading for admission into yet another debt relief program. This is due to Ghana's total debts reaching an unsettling high of almost $48 billion. The debt stock in Ghana increased by GHC108.7 billion ($12 billion) between September and November 2021, according to the Bank of Ghana's January 2023 economic and financial data summary.

In November 2022, the external portion of the nation's national debt soared to GHC382.7 billion ($31.8 billion), or 62.1%.The Ghanaian government was forced to request the present debt relief from Bretton Woods because of the nation's debt, which has been steadily rising. The IMF and Ghana agreed to an Extended Credit Facility worth $3 billion over three years after initial discussions with its board. It was decided upon on December 12th, 2022. Ghana's hopes of finalizing the agreement by the end of March 2023 are, however, dwindling.

This is due to the IMF's apparent disinterest in Ghana's strategy for cleaning up its fiscal policy space. Instead of continuing with the economic restructuring, the government is acting as though the IMF is only interested in Ghana generating more money to lower its debt, particularly its domestic debt deficit. Dr. Abdalalh Ali Nakyia, a tax specialist, disagrees, saying that the IMF had urged the government to expand its budgetary space rather than requiring board approval for the implementation of additional levies.

Nobody will probably advise you to bring taxes before I offer you a loan, he continued to interrogate. Has he asked you to raise taxes if he says, "I want to see how you're developing your fiscal space"? Since taking office in 2017, the Ghanaian government has faced harsh criticism for the way it has managed the nation's economy. Public spending is one area that has primarily impacted Ghana's financial situation.