Ofori Atta Drives Ghana Into Slavery, As Gov’t Finally Reaches Out To IMF For Bailout

After months of pussyfooting on its own broken promise, the Akufo-Addo government has driven Ghana into the servitude of the International Monetary Fund (IMF) for an economic bailout after collapsing the finances of the country.

According to several news outlets, including Joy News’ business program, “Market Place”, the government had initially approached the IMF for monetary support, however, the fund is said to have said it would only support if it agreed to a US$70billion program.

“The Fund is also saying the fund that they have available…more than $70 billion, you have to sign up to a programme (so that) you can get that support. That is why we are seeing this engagement going on,” George Wiafe said on the ‘Market Place’ programme on Joy News.

“What we understand [from our sources] is that this formal engagement looked at what could be in for us [Ghana] if we should go for a fund programme. Let us put it on record that the government has always been going for several fixes even during the Covid-19 times, they were trying to get some support from the Fund. What we are picking up is that this [latest] engagement is linked to having a programme for Ghana.”

If it turns out to be true, then the Akufo-Addo government would have capitulated to the suffocation of its own political arrogance.

After borrowing the country into a debt conundrum, experts had called on the government very early in the year to go to the IMF for a program, however, it had refused because it promised never to get tied to the suppressive apron strings of the IMF.

The Akufo Addo also deceptively assured the country that it has had the perfect solution to the economic mess-the e-Levy!

The e-levy was introduced as an obnoxious 1.5% tax on mobile money and electronic money transactions. The government planned to extract GHC 6 billion annually to supplement its finances for infrastructural development. But the e-levy has become a monumental failure.

When it was introduced under dubious circumstances, angry Ghanaians simply pulled out of using mobile transactions and the government is only realizing a paltry 10% of its estimated revenue from the tax.

The hubris of the Akufo Addo administration’s economic management has since led to the massive depreciation of the local currency, the cedi, while inflation has hit a 20-year-high, resulting in the impoverishment of many especially, low-income earners.