Declared innocent IMF vindicates Bawumia - NPP

Dr. Mahamudu Bawumia has been vindicated following a confirmation by the IMF over government's mismanagement of the economy.

  • Published:
Dr. Mahamudu Bawumia play

Dr. Mahamudu Bawumia

24/7 Live - Subscribe to the Pulse Newsletter!

The Daily Graphic reported on Wednesday April 15th, 2015 on its interview with Ms. Christine Lagarde, the Managing Director of the International Monetary Fund (IMF).

The report included the IMF Chief’s diagnoses of the NDC government failures that have caused the current economic hardships in the country.

The IMF Chief’s diagnoses include: fiscal indiscipline since 2012, huge deficit spending, reckless borrowing and high debt service, and low spending on investment as against high recurrent spending.

Long before the government went cap in hand for this current bailout from the IMF, Dr. Mahamudu Bawumia had diagnosed the massive failures in government policy and warned of its consequences. He had warned since 2013 that the forex controls put in place to stop the cedis slide were adhoc, artificial and would not work.  He has also warned of the dire consequences of government policy, such as the cedi sliding to GHC4 a dollar by July 2014, and the resort to the IMF bailout. 

He was met with outright condemnations and insults, including a retort by President John Mahama that government will continue borrowing as gov’t was not borrowing to buy ‘Kebab’. 

In the event, all the consequences that Dr. Bawumia warned about have happened; the cedi reached GH4 by July 2014, the forex measures put in place were ineffective and withdrawn in 2014, and Ghana has sought IMF bailout.

And Wednesday 15th April, Daily Graphic reports, the IMF’s confirmation of all of Dr. Bawumia’s diagnoses of the gov’t failures and its consequences. 

It is most sad that when Dr. Bawumia made these diagnoses and gave the helpful warnings, he was pooh-poohed by government. Now that the IMF has given same diagnoses and warnings, the government is willing to go along with them and adhere strictly to the IMF dictates.

An explanation is perhaps given by Dr. Omane Boamah, Communications Minister that the government has better regard for the “superior” technical skills of the IMF and other “Bretton Woods” institutions.

This indeed, is confirmation of the utter helplessness of government.

Signed

Nana Akomea, Communications Director

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos





Top Articles

1 Women’s March Women in Accra march against Donald Trumpbullet
2 Vetting Ablakwa replies Osafo Marfo over 'small boy' commentbullet
3 Homosexuality Dag Heward-Mills’ anti-gay sermon causes controversy...bullet
4 Energy Minister-Designate I was shot during PNDC era – Boakye Agyarkobullet
5 Ministerial Vetting Boakye Agyarko’s approval in limbo?bullet
6 Photo Duncan Williams leads prayers at Donald Trump's...bullet
7 Koforidua Ghanass student killed after tree falls on him; 6...bullet
8 Social media reaction Dag Heward-Mills' anti-gay sermon...bullet
9 Ministerial Vetting I didn’t do national service –...bullet
10 Fired! We will ‘definitely lay off’ people appointed...bullet

Top Videos

1 In Zimbabwe President Mugabe’s 70 year-old aide marries his 23-year-old...bullet
2 Refugee Ghanaian to lose fingers after 7-hour trek to cross US borderbullet
3 Vitiligo Enam Honya - is challenging what you think about beautybullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Obinim saga We had sex only once - Obinim victims confessbullet
6 Video Taxi driver terrified after an encounter with a ghostbullet
7 Kwame Nkrumah Interchange Water leaks from hole in wall at...bullet
8 Meet Aisha the female mate who aspires to be a driverbullet
9 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
10 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet

News