According to John Alan Kwadwo Kyerematen, a flagbearer candidate for the New Patriotic Party (NPP), Ghana would not have needed to reapply to the International Monetary Fund (IMF) if the nation had listened to and adopted his suggestions in the past.
Speaking at the start of his Greater Accra Delegates Tour in the Ablekuma Constituency of Accra, he cited the President’s Special Initiatives (PSI), introduced during the administration of former President John Agyekum Kufuor, as one of his ideas that, if fully adopted by Ghanaians, would have changed the course of history.
According to him, “The amount of work I have done for this country, sometimes I even feel ashamed talking about it. In President Kufuor’s era, I was one of the senior ministers in Kufuor’s administration. I brought PSI (The President’s Special Initiatives), and if Ghanaians had listened to me, today Ghana wouldn’t have gone to the IMF.”
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After China agreed to a crucial debt restructuring that is essential to ending Accra’s protracted economic and financial crisis, the IMF approved a $3 billion loan to Ghana.
The approval, which will immediately release $600 million, concludes the initial phase of a protracted saga regarding the $63 billion in domestic and external debt that Ghana accumulated over the previous 15 years.
Other nations attempting to come to agreements with their lenders about how to deal with their debt woes will applaud the IMF’s decision to proceed with the bailout.
The program is based on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG), which includes extensive reforms to strengthen resilience and lay the groundwork for stronger and more inclusive growth. The PC-PEG aims to restore macroeconomic stability and debt sustainability.
