‘IMF doesn’t buy things from our market’ – Isaac Adongo on rating of Ghana’s economy
Ranking Member on the Finance Committee of Parliament, Isaac Adongo, has downplayed the International Monetary Fund’s (IMF) positive assessment of the Ghanaian economy while under the ongoing extended facility programme.
Although Ghana is set to receive the third tranche of $360 million from the $3 billion IMF rescue loan as a result of the positive review from the IMF mission, Mr. Adongo has questioned the real status of the country’s economy.
According to the Fund, Ghana has made significant improvements in key macroeconomic indicators that suggest the programme’s effectiveness.
However, Adongo remains sceptical about the actual conditions on the ground, stressing that the Fund does not experience the real cost of food items on the market.
“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.
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“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 quizzed in an interview on Accra-based Citi FM.
The minority’s spokesperson on Finance maintained that the IMF, in its capacity as a consultant, will shy away from pointing out the failures in the economy.
He emphasised that despite the IMF’s apparent lack of involvement in the local market, surveys show that inflation is getting worse, which stands in sharp contrast to the IMF’s favourable assessment.
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