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19.05.2022 Feature Article

Good does not work for all

Good does not work for all
19.05.2022 LISTEN

German Commercial Bank Commerzbank AG tumbled during the 2008 financial crisis close to collapse. The German government decided to rescue the bank in exchange for a seat on the Board of Directors. Meanwhile, the bank has repaid the funds granted.

During the covid pandemic German carrier Lufthansa asked the government for financial support in exchange for a seat on the Board of Directors. Meanwhile, the airline has nearly repaid the funds gotten.

After the financial collapse of Greece a few years ago Germany led the EU in the process of rescuing the country and imposed strict measures to put Greece back onto its feet. The plan has worked.

2016 Ghanaian politicians of all parties jubilated after repayment of a loan received ten years before back to the IMF with the spirit to be finally free from the harsh conditions attached to it. The IMF had demanded from the government strict financial control, reduction of corruption, and drastic reforms of the governmental system.

The imposed IMF conditions have not worked but opened the door to more borrowing. Would a Minister of the IMF in the cabinet of the President alongside the Minister for Finance have saved the public purse and put Ghana back on its feet?

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