The Member of Parliament for Sagnarigu, Atta Issah, has urged the government to reconsider its reliance on the International Monetary Fund (IMF) for economic assistance.
His comments follow a recent staff-level agreement between the IMF and Ghana, which emerged after the fourth review of the country’s three-year Extended Credit Facility (ECF) program. If the IMF Executive Board approves the agreement, it will provide approximately US$370 million in financial support.
During an interview, Mr. Issah, who serves on the Finance Committee of Parliament, expressed his concerns regarding Ghana’s repeated interactions with the IMF over the last thirty years.
“I strongly urge that this should be the final instance in which we relinquish our sovereignty to external entities. We possess the intellectual capacity within our nation. Why is it that for 17 consecutive times, every administration over the past three decades has engaged with the IMF program in some capacity?
“I believe it is time for us to reflect as a nation and ensure that this marks the last occasion we seek assistance from the IMF,” he proposed.
Mr. Issah recognized the contributions of both the Akufo-Addo and Mahama administrations in managing the economy, emphasizing that the country’s successes are attributable to the collective efforts of various governments.
“I believe that both the NDC and the NPP, who recently left office, deserve recognition for their roles in managing this IMF program,” he remarked.
In its latest review, the IMF noted that Ghana’s economy exceeded expectations in 2024, driven by robust performance in the mining and construction sectors. However, the Fund also expressed concerns regarding potential fiscal challenges ahead of the upcoming general elections and delays in essential structural reforms.
