The Convention People’s Party has asserted that Ghana’s economic and social woes begun when the country subscribed to the conditions of the International Monetary Fund (IMF) some three decades ago.
According to the National Chairperson of the CPP, Samia Yaaba Nkrumah “the IMF comes with policies and perplexing conditions which seeks to kill the foundations of industrialization which every nation that has ever developed in the world has taken seriously.”
She adds that it was a mistake in the first place for Ghana to turn to the IMF in the early 80s.
“The retrogression of Ghana which has resulted in the untold and unprecedented economic hardship on our people heightened by the erratic power supply for the past three years can be traced back to the very moment Ghana subscribed to the International monetary Fund some three decades ago for economic bailout. Accepting the IMFs conditions was a great mistake. We have been pursuing the wrong economic path from the 80s. That is why we are here today and we need to reverse things,” Madam Samia explained.
The CPP’s chairman who was in Takoradi last weekend to oversee the election of the CPP’s western regional executives indicated that “the hard conditions from the IMF entails that you do not focus on you industries. You are not focusing on production.”
The IMF’s money goes into budget and making the books look better. It does not go into productive investment which any nation who wants to develop makes it a topmost priority.”
She says the Star of Africa her father Kwame Nkrumah envisioned Ghana to be is now wallowing in lack of planning in the hands of those at the helm of affairs.
The International Monetary Fund (IMF) in April 2015 approved an Extended Credit Facility (ECF) for Ghana worth about $918 million.
The amount is expected to help salvage Ghana’s ailing economy.
Credit: citifmonline