Ghana’s US$3 billion facility from the International Monetary Fund (IMF) has not served the purpose for which the nation went to the Bretton Wood Institution, Secretary General of the Trades Union Congress (TUC), Dr Yaw Baah, has said.
Ghana government resorted to the IMF for a bailout after it defaulted on its loans and lost credibility on the Eurobond market.
The government, after fulfilling certain conditionalities including the infamous Domestic Debt Exchange Programme, to restructure its debt, was granted a US$3billion facility by the IMF which was to be released in five tranches of US$600 million each.
After receiving the first two tranches, the Trades Union Congress says the programme is not yielding the anticipated outcome for Ghanaian workers.
Speaking at the May Day celebration in Accra Wednesday, May 1, 2024, the TUC boss indicated that the economic hardship appears not to be ending soon.
“It appears there is no end in sight for the challenges, we were told that an IMF bailout will help but we know that an IMF bailout can’t be the solution to the economic hardship…We have a lot to do to protect the workers of Ghana.”
He also highlighted on the need for the government to implement policies that will reduce the excessive importation to avert the Cedi’s depreciation against major international currencies.
According to him, the need to change the local currency to foreign ones for importation exerts a lot of pressure on the Cedi, and reducing importation is the panacea to the challenge.
“If we want our Cedi to be stable we should reduce import and consume what we produce in Ghana,” he said as part of his address.
The theme for the celebration in Ghana is “Elections 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development.”
Ahead of the general elections, Dr Yaw-Baah urged the Electoral Commission to deliver free, fair, and transparent elections.
He also asked the Police and the judiciary to play their roles effectively to ensure credible polls.
