A specialist on International Trade and Development Law, Dr Ken Ukaoha, has said Ghana seeking support from the International Monetary Fund (IMF) to resolve its economic challenges will dent the country’s image.
In a Ghanaweb video broadcast on July 6, sighted by The Independent Ghana, Dr Ken Ukaoha, explained that Ghana, which is one of the respected countries, would be presented with some conditions that may not augur well with citizens.
According to him, he is uncertain whether the government of Ghana considered the implications of an IMF support programme before taking the initiative, adding that Ghanaians failed to hold the government accountable for its economic actions.
Dr Ken Ukaoha said: “Going by what we hear, it means there is a depreciation in value. That means the Ghanaian people are depreciating in value. That means the Ghanaian people are not holding their government accountable.”
He intimated that before the Fund was called to intervene, there should have been a national debate on the way forward.
He stressed that it is imperative the voice of the masses is heard since whatever actions taken directly affects their lives.
Dr Ken Ukaoha said: “There should be a national debate. I’m not sure this has happened. It is impracticable in this 21st century for a government to take loans again. Move in, take and spend without the people signing? No, the signature of the people is important. Because if you borrowing money for the people, the people should give you this particular mandate.”
His comments come after President Akufo-Addo instructed the Finance Minister, Ken Ofori-Atta to commence formal talks with the International Monetary Fund, per a press statement issued by the Ministry of Information.
The Fund is coming onboard to assist the government with an economic program.
The economic management team of Ghana and a team from the Fund are expected to begin talks today, July 6.
The Finance Ministry has informed the public that the government will protect its policies that would have adverse effects on Ghanaians should they be reversed due to engagements with the Fund.
“Free SHS, the School Feeding programme, among others are good social intervention programmes and it is the lack of financing and unsustainable debt burdens that could constrain a government’s ability to maintain its level of spending, including social or investment spending.
“The International Monetary Fund (IMF) works with member countries to achieve sustainable growth and prosperity by supporting economic policies/programmes that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being,” the Ministry stated in a document sighted by The Independent Ghana.
Some policies that have caused many to worry is the free SHS policy that provides students in the secondary institutions free education, Agenda 111 which would see to the construction of several health facilities, the Ghana Care ‘Obaatanpa’ Program that would see to the creation of 1 million jobs, among others.