Socialist Forum demands full disclosure of IMF deal

The Socialist Forum of Ghana (SFG), is demanding the full disclosure of the $940 million deal between the government and the International Monetary Fund (IMF), in rescuing the country out of its current economic state.

The SFG said, the government had not provided enough information on the agreement hence the need to disclose the full details to Ghanaians.

Speaking at a news conference in Accra yesterday a leading member of SFG, Mr Kwasi Pratt, asked the government to as a matter of urgency, disclose the details of the agreement to enable Ghanaians to know the content.

“We have been told generally that the IMF programme will last for three years, ending in 2017 and would entail the reforms of some public sector organisations including the Electricity Company of Ghana (ECG).”

“As a matter of fact, public discussion of this deal has been greatly hampered by the lack of information and transparency. Indeed, the full terms under which the ECG is allegedly being handed over as concession to a foreign firm have not been disclosed,” he said.

Mr Pratt alleged that some suggestions also entailed the review of the prices of petroleum products every two weeks and the full deregulations of the utility sub-sector.

“Over the last four weeks, the implementation of the deal with the IMF has allegedly led to the significant increase in the prices of the petroleum products and utility tariffs with ripple effects on the economy,” he said.

He said the deal with the IMF had not in any way led to improvement in the national economy.

“The SFG is alarmed by these developments, especially, in the light of the deals between the Government of Ghana and the IMF and the World Bank. Ghana embarked on the neo-liberal path with disastrous consequences in 1983. Since then, the national currency has been devalued by more than 28,000per cent and workers have lost their jobs and close to 400 state enterprises have been completely destroyed” he said.

By Bernard Benghan & Harriet Elorm Setsoafia



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