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Isaac Adongo has reemphasised the irony with the government’s optimism of hope in the International Monetary Fund (IMF) having described it as a place where only incompetent administration seek refuge.

During the erstwhile Mahama administration, the then opposition New Patriotic Party (NPP) described managers of the economy as incompetent, the reason they sought solace in the Bretton Wood Institution.

Despite the former Finance Minister, Ken Ofori-Atta’s insistence that Ghana was a proud nation and was not going to seek help from the IMF, the nation later went for a US$3billion facility.

The current Finance Minister, Dr. Mohammed Amin Adam, has said Ghana’s economy is on the path of recovery, citing what the government has done already and the confidence in the IMF programme being implemented.

Speaking at a joint press briefing with the IMF Monday, July 01, 2024, on the economy and the second review of the IMF-supported programme, Dr. Adam expressed confidence in the country’s economic trajectory.

“I am confident that our economy is certainly on the path of sustained recovery, and we will continue to work tirelessly to ensure sustainable growth and prosperity for all Ghanaians,” Dr. Adam stated.

The Minister highlighted several key developments in June 2024 that underscore this progress. These include reaching agreements on debt restructuring with both the Official Creditor Committee (OCC) and Eurobond holders, as well as the IMF Executive Board’s approval of the second review of Ghana’s programme implementation.

Dr. Adam also announced the approval of the second review by the IMF Executive Board, which will result in a disbursement of $360 million to Ghana. This brings the total disbursements under the programme to $1.6 billion.

The Minister reiterated the government’s commitment to maintaining fiscal discipline, stating that: “Despite the fact that 2024 is an election year, we are committed to enhancing domestic revenue mobilization and tightening expenditure commitment controls to avoid policy slippages.”

But reacting to the issue, the Bolgatanga Central MP said “it is unfortunate the government of the NPP led by the head of the Economic Management Team is today trying to tell Ghanaians that there is something positive from the IMF. The IMF they said was a sign of incompetence, that they would never go there, that they are a proud people, today they are telling us that we should have hope because of IMF. Can’t you see the irony of it”

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