Seeking IMF bailout is short-term fix – CPP

The Convention People’s Party (CPP) has described going to the International Monetary Fund (IMF) for support and assistance as a short-term fix which cannot redeem the damaged economy.

“Going to the IMF for a bailout isa short-term measure and a lazy approach to redeem our ailing economy,” it insisted.

The party lamented that Ghana had gone to the IMF for a bailout 17 times and questioned whether the government seeking an IMF bailout for the 18th time would create the magic wand that would salvage the economy.

In a statement issued in Accra the CPP stated that “we in the CPP believe that a run to the IMF is a lazy man’s approach to solving problems as well as the CPP thinks it is unfortunate that the Akufo-Addo –Bawumia-led administration needs an outside body like the IMF to hold them to a fiscal discipline regime.

“They will be forced to be prudent and to have a plan aimed at prioritising spending and we also call for an apology from the government for putting us in this mess and reneging on all their promises to the citizenry,” it noted.

According to the statement, there was no doubt that the IMF and its programmes were neo-colonial imperialist in nature and, with no indication to make life better for citizens but there was no other option adding that“today this is where we find ourselves, hooked in and bound to the apron strings of the IMF because some people did not do their job well”.

The government announced last Friday that it would hold formal talks with the IMF and the move came after the government’s controversial revenue generation policy, the Electronic Transfer Levy, failed to generate the needed revenue targets putting the economy in distress as it currently had a total public debt stock of GH¢391.9 billion, as of the end of the first quarter of 2022 and the cedi was also the worst-performing African currency, having weakened 22 percent against the dollar this year.

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