Renowned Pan Africanist, African Law Professor and Founder of the P.L.O.Lumumba Foundation, Patrick Loch Otieno Lumumba, is worried over the decision by African leaders to constantly seek help from the Bretton Woods Institutions, the International Monetary Fund (IMF) and the World Bank.
He says when officials of these institutions sit, they say to themselves that African leaders are not able to manage their affairs properly.
“When they sit at the IMF and World Bank or European Union when Africans are not there, what do they say, we told you they are incapable of managing their affairs,” Prof Lumumba told TV3’s Alfred Ocansey in an interview on Ghana Tonight show Thursday, February 23, 2023.
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The statement, is in direct contrast to what Ghana’s first President and epoch of Pan Africanism, Osagyefo Dr. Kwame Nkrumah said.
Dr. Nkrumah, during his inaugural speech at Ghana’s independence indicated “ the Black man is capable of managing his own affairs.”
But after decades of independence from the Western powers, Africa seems to be struggling without support from foreign institutions, with Ghana for instance vising the IMF the 17th time.
Ghana is currently seeking to close a deal with the IMF to enable the oil-producing West African country deal with its economic challenges.
The country and the Fund have reached a staff-level agreement on a new programme.
The Managing Director of the IMF Kristalina Georgieva said she was happy with the progress Ghana has made in bringing the staff-level agreement to the Board.
She said the IMF supports Ghana’s efforts to stabilize the economy and promote an inclusive recovery.
In a tweet, she said “Wonderful to meet President @NAkufoAddo at #MSC2023. Very pleased to hear authorities are making progress on bringing the staff-level agreement to the IMF Exec. Board. We support Ghana’s efforts to stabilize the economy & promote an inclusive recovery.”
Wonderful to meet 🇬🇭President @NAkufoAddo at #MSC2023. Very pleased to hear authorities are making progress on bringing the staff-level agreement to the IMF Exec. Board. We support Ghana’s efforts to stabilize the economy & promote an inclusive recovery. https://t.co/rwrsTIPEoF pic.twitter.com/0E5Ir4HmqU
— Kristalina Georgieva (@KGeorgieva) February 17, 2023
The staff-level agreement with Ghana is for a three-year programme supported by an arrangement under the Extended Credit Facility (ECF) of about $3 billion.
The approval by IMF management and the Executive Board in the period ahead is contingent on receiving financing assurances from Ghana’s partners and creditors, the IMF Boss said while answering questions in Frequently asked questions on Ghana.
The goal of the government’s economic program is to restore macroeconomic stability and debt sustainability while protecting the vulnerable, preserve financial stability, and laying the foundation for strong and inclusive recovery.
To support the objective of restoring public debt sustainability, the authorities have launched a comprehensive debt operation.
As part of the efforts to get the deal, Finance Minister Ken Ofori-Atta briefed Parliament on the state of affairs regarding the Domestic Debt Exchange Programme (DDEP).
He urged the lawmakers to support the government in getting the board approval from the IMF to ensure economic stability.
Mr Ofori-Atta told the House on Thursday, February 16 that an IMF deal will help Ghana recover quickly from the economic challenges.”
“We will recover from this crisis soon rather than later as indicated by President Akufo-Addo.
“I will urge Members of Parliament to support the government to secure the board approval for macro stability.”
By Laud Nartey|Felix Anim-Appau|Onuaonline.com
