The Eastern Regional Minister, Hon. Seth Kwame Acheampong has urged Muslims to rally their support for the government’s decision to go to the International Monetary Fund, IMF, for the balance of payment support.
The government of Ghana commenced negotiation with the IMF on Wednesday, July 6, 2022, for a Balance of Payment Support.
President Akufo Addo had earlier engaged the IMF Managing Director, Miss Kristalina Georgieva to declare the government’s intention.
Some economists and financial analysts have said Ghana’s economy is in shamble and was nearing collapse as manifested by increased inflation of about 27% amidst high debt levels of almost 80 percent of GDP locking the country out of the International Capital Market in the face of declining foreign exchange reserve of the country which also exerted pressure on the local currency causing the cedi to rapidly depreciate against major trading currencies.
However, addressing scores of Muslims gathered at the Koforidua Central Mosque in celebration of the Eid- ul- Adha festival, the Eastern Regional minister Seth Kwame Acheampong noted that the current hardship in the country is a global phenomenon caused by Russia’s invasion of Ukraine and COVID -19 pandemic.
He said Ghana going to IMF doesn’t mean the count is broke or President Akufo Addo has mismanaged the economy.
“During the covid pandemic, the President said we know how to bring back the economy but not the dead. So it is the same path of economic restoration that we are on now. I know many people think Ghana is the broke reason we are going to IMF. No! That is not the case. Funds to run the country are available but going to IMF for more funds to enable the government to continue its programs so doesn’t mean Ghana is broke. This is not the first time Ghana is going to IMF. For the sake of politics, people will say the government has mismanaged the economy but that is not the case”.
He explained that the current situation requires unity and prayer, not demonstration and strikes.
Seth Kwame Acheampong recounted that the current hardship is nowhere closer to the 1983 crisis and even with that “we survived as a country therefore this is an assurance that with the current situation Ghana will certainly bounce back”.
The Eastern Regional Chief Imam Yussif Amudani Suleman expressed concern about the recent strike action by the teacher unions concerning their cost of living allowance (CoLA) saying it will harm the children’s education especially the final year students hence called on the government to immediately address the teachers concerns so that they go back to teach the children.
Source: Mybrytnewsroom.com/Obed Ansah
