Akufo-Addo fixed Mahama’s ‘challenged’, ‘IMF-programmed’ economy; he’ll fix this one, too, in 2 years – Ken Ofori-Atta
Finance Minister Ken Ofori-Atta has said the ruling New Patriotic Party is good at fixing crises and promised that just as the Akufo-Addo government fixed the broken economy it inherited from the Mahama administration in 2017, so will it fix the current one ravaged by the COVID-19 pandemic and the Russia-Ukraine war under watch of the current administration.
In his 2022 mid-year review, Mr Ofori-Atta told parliament on Monday, 25 July that Ghana resorted to an IMF programme despite several assurances of not seeking help from the Bretton Wood institution because of the impact of the two international crises.
“Yes, I know this Government assured the nation of a Ghana beyond Aid and our plans and programmes for economic transformation have been designed to achieve just that, and indeed, I did say that Ghana would not embark on an IMF programme”, he noted.
Mr Ofori-Atta added: “We did not just say it. We also took measures towards the attainment of that objective including the passage of the Fiscal Responsibility Act and instituting a number of irreversibility measures, and also launching the Ghana CARES ‘Obaatan Pa’ programme for economic revitalisation and transformation”.
“Unfortunately, unprecedented global developments over the past two years, especially in these last six months, have really and truly disrupted our efforts. Governments across the world have had to change course to tackle the current crisis. Governments that less than a year ago were busily talking about energy transition and green and cleaner fuels have gone back to firing their coal plants. Governments that are known for low taxes are now raising taxes to tackle growing deficits. These are not ordinary times; not for Ghana, not for Africa, and certainly not for the whole world”, he told parliament.
He said: “Let us all acknowledge that the situation we are experiencing now is different. The global context we find ourselves in is the first of its magnitude in the Fourth Republic and even before that. It is, therefore, disheartening when people want to pretend that these developments are purely domestic”.