Haruna Iddrisu, the minority leader, has warned the Akufo-Addo administration to accept full responsibility for what he considers the careless economic management that has brought Ghana to the IMF (IMF).
He contends that no official defense of the justifications for approaching the IMF will hold water.
Haruna Iddrisu urged the administration to curb wasteful spending when speaking to the press in Parliament.
“President Nana Addo Dankwa and Dr. Mahamudu Bawumia should accept responsibility for the incompetent management of the economy to suffocate debt levels which have necessitated the retreat for us to request an agreement with the International Monetary Fund for the restructuring of our debt,” the statement continued.
As they accept responsibility, they ought to accept accountability for the reckless and irresponsible borrowing as well as the irrational and wasteful spending that got us into this situation.
The Ghanaian government and an IMF delegation are now in negotiations over a financial aid package.
The controversial government income collection scheme, the electronic transfer levy, failed to meet the required revenue targets, prompting the government to turn to the IMF.
As of the conclusion of the first quarter of 2022, Ghana’s economy is in trouble due to its GH391.9 billion total public debt stock.
The cedi has had the worst year of all African currencies, falling 22% versus the dollar.
Attempts to contain rising inflation rates have also failed.