Adongo dismisses IMF’s ‘positive’ assessment on Ghana’s economy

  Mon, 15 Apr 2024
Economy & Investments Adongo dismisses IMFs positive assessment on Ghanas economy

Hon. Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, has expressed concerns over the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.

Despite the IMF’s positive evaluation, which positions Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Adongo has questioned the true state of the nation’s economy.

While the fund has commended Ghana for its performance, citing key indicators that suggest the programme’s effectiveness, Adongo remains sceptical about the actual conditions on the ground.

Ghana is on track to pass the management executive board review, which would result in the release of the third tranche of $360 million from the $3 billion package.

In response to the IMF’s report indicating Ghana’s strong performance, Adongo expressed reservations in an interview with Citi News, emphasizing the disparity between the IMF’s assessment and the realities faced by Ghanaians.

Adongo’s scepticism extends to the IMF’s role as a consultant, suggesting that consultants rarely acknowledge the failure of their advice.

He highlighted that while the IMF may not directly engage with the local market, surveys indicate a worsening inflation rate, a stark contrast to the IMF’s positive review.

“Do you need the IMF to come and tell you that you can't buy a ball of kenkey? Do you need the IMF to tell you that the fuel is now almost GH¢15 per litre? Do you need the IMF to tell you that you need more than GH¢13 to buy a dollar? IMF is a consultant to Ghana and no consultant has ever told the people of Ghana that it has failed.

“The truth is what you and I know, IMF doesn't buy things from our market. The survey is telling us that inflation is getting worse and you want to believe what the IMF says?” he asked.

- Citi Newsroom