Ghana Exit IMF, Bawumia economy was dragged in Ambulance to IMF,Ivan hammers runaway Ken Ofori Attah

Added: 2026-05-19

[00:00:01]getting out of IMF. I think a sign of relief for OB and the question how did we even get here because the potential of this country in terms of resources we need to go for that sort of assistance and this assistance as a last resort. Mhm.

[00:00:38]>> Ghana very diligent in our spending is when we are under the radar IMF then we go >> that is the problem. So the guarantee this time around it should be that after exit know how do we make sure say we continue and I think transition to the PC very very important because it's not going to be financial assistant but technical assistant because they will be with you give you certain guidance Emma won't trip it off because your challenge has always been the trip >> no but 17 time do you still need this PCI 17 time PCI >> you see sir because politics you know very often we are overtaken by certain initiative just for partisan expediency but impment on the part of the government whether you technical advice or my point has always been you go into that particular line.

[00:01:56]It was that we couldn't do anything because at the time default on external creditally everything was the credit Ghana there was no way we could go and borrow because of the track record.

[00:02:18]So at the point former president, president said they should go to IMF because all the signs around the country was not getting even forest for the commercial we were locked out on the part of the government. The only way access to credit was the IMF option which also came with the conditions and a whole lot of stuff. So it wasn't because we wanted to go to IMF because Ghana proud nation there was no way they go to IMF. So by force you have to go you understand.

[00:03:02]So for me things are lessons and at the time wasn't because but because the recklessness was quite clear the mismanagement was quite clear.

[00:03:18]Are we really serious? Because if you natural resourc transition in the in the economic space the science the economic template today there are certain positive indications most of the rating agencies say Ghana positive it means that today we can return to the credit space to go and borrow but it says we are not going because and then the the the thing is But even the government can raise bond. That is why I'm told they raising a bond of about 7 billion something something almost 32 something billion because people among opportunity to invest. So if you go and do that dollar investment sometimes very easy to be able to control and pay then the private sector just like he mentioned always has been the engine of the economy doesn't have the capacity to employ anybody even if you go to America which is the biggest economy the private sector employ major majority of the people. It means a government at any point in time the policy direction policy initiative you can employ minimal number of people but if you're able to energize give them credit assistance they will be able to bring in a lot of people but if access to capital so far the private sector is concerned cannot access credit facility banks problem so these are some of the constraints will have to look at it make Recently I saw bank interest for private sector take advantage but I think we can do more China private sector investor like other people the engines of the American private sector just to seek investment. So I think government also begin to partner some of the big investors in this particular country. When you go out and you travel with them, you give them that exposure.

[00:05:51]We're able to build connection and credit will come because investment most of the investment foreign companies we own a certain percent but there are several other big companies everything the same you can never grow for but these people cannot see when they growing they take away your dollar system like profit leave maybe 50% within Ghana for 5 years while the money stays is the economy will grow then they start a fresh day to make money so I think a lot of reforms must come it's not just because no going forward espec At this time the template I think we can leverage to build the economy because as long as the private environment go back to the era we are not going and it will depend on the investment and the sort of initiative taking going forward. always it has been reckless spending and I think it's wicked we can still out of it first and foremost constituent for any honorable Titus Glover of the last time national organizer and but you see when it comes to IMF over the years GH from IMF program that's that's a fact but we should also know it's on record that is also a fact we went to this IMF because of government. No, as in narrow into the MP government as if the PP government is the first government to take Ghana to IMF disingenuous in 2013 2014 the same president mama IMF the purpose of it for policy credibility because economy credibility to the time the only reason why that affecting the economy was that China was facing what's the name some kind of economic challenges China when you look at the western world America America largely Americen relationship improve relationship with China. That's that's a fact. So if you went there for policy credibility, no because of challenges of global happiness, you cannot tell me say there's there was a country a country on in in the world that country never had any impact the challenge because selected and some of the reasons for justify as to why certain things are happening is because Iran Israel and America are fighting.

[00:10:05]>> This is something that is affecting globally, internationally is affecting.

[00:10:09]But when it comes to some of the things that is having repercussions on us no for instance the oil 20% of the world import Ghana you're importing from straight of that's that's a fact. So I wouldn't be happy to to hear to try to chastise the MP government as it was out of sheer recklessness.

[00:10:41]It's not it's not a statement of fact.

[00:10:44]It will tell you clearly why Ghana went for IMF program simply global happiness and you see and this IMF program >> we I I really wish it will be the last for Ghana because subsequent government but finally we ended up 17 times I don't think any government will still go back thereh uh previous government echo echo in 2023 which is ending ending in this this month of May 2026. So if the government says that onasa for the PCI is right >> that is fine just as Ian said the PCI is not monetary in this case it's kind of some technical support IMF so it still tells you say you cannot discount the support of IMF because the discipline the issue because once we are on our own then the discipline start mindful of the fact election so sometime these are the times Government is compelled to spend because certain infrastructure development you are forced to go into it and then normal politics comes with its own spending and that is when normally some of government budget is thrown out of gear. So I will be cautious say I'll really be happy because everybody wants to dictate certain within the economy even though no country can be absolute economy 100% without relying on other other people not even the mighty economy like America that is standing on it >> discrediting how the government handle the economic situation me discredit like me discredit the extent because you will not qualify the IMF. So the prudent economic measures but IMF previous impact positive impact the former government they want they make it seem as if say everything about the policy negative as if it has no positive impact but you when IMF is backing your economy it gives other investor out there and people who want to invest in the economy knowing that once you are under IMF you are constrained to be disciplined because IMF will look at your books >> and you cannot lie to IMF >> okay >> government there are certain instances >> they told us one thing only for IMF to come and then they had to correct it that was last year so you see that is what I'm saying me I will really be happy if we exit IMF >> because certain conditionalities of IMF over the years has Not to the benefit of my way because when they tell you to to do certain expenditure okay >> unemployment even though you want to cover some hole you end up creating another hole in some some instances some of the recruitment over the years many governments have been unable to do because IMF will tell you say don't go beyond this physical space and if you are not going beyond that physical under president mama one employment recruit for because of this IMF conditionality so if we are hesitant we are going to dictate the pace for ourselves that is fine which I I I agree to it I wouldn't come and sit and discount but as to whether >> we will not end up mismanaging our own affairs and going back there that remains the issue >> right that's it I communications team member of the NP in a minute.

[00:14:56]>> You seem >> the problem.

[00:14:59]>> You see when it comes to our economic development >> inconsistencies in our economic um architecture.

[00:15:09]>> Look manifies consistency in our development.

[00:15:22]For example, women of the the the political kind of social contract with Ghanaians.

[00:16:04]Social contract with Ghians.

[00:16:10]We need national policy agenda.

[00:16:18]Multiart democracy. It will never help us.

[00:16:25]>> Economic policy framework.

[00:16:28]>> Mhm.

[00:16:36]There will be similarities, right?

[00:16:47]One step forward, two steps backwards.

[00:16:50]>> That was >> Yeah. Yeah. I think the quick one. I think we see we are on TV. Let's set the record straight when it comes to economy.

[00:17:07]Why we were banned from the economic space wasn't because came prior to a world bank country director at which we were borrowable we needed to take certain interventions the recklessness was quite apparent so you cannot just override again if you know how the prices are set Ghana we may not be buying oil directly from Middle East but we buy from Netherlands we buy from UK so they equally buy so it's an indirect trade and once we have the op country setting up the prices you have no control for some of these things so I think these are the reality we needed party movement Youth activist of course communications team member of the member of the NDC communications team.

[00:18:24]Now last week of speech.

[00:18:49]Freedom of speech.

[00:18:54]Freedom of speech.

[00:18:56]>> Before I answer you or say freedom of speech >> I give it to you but freedom of freedom of speech I cannot guarantee.

[00:19:11]>> What I say and in in in government and I say >> Mhm. You see your finger ends where my nose begins.

[00:19:43]the outcome either positive to you or to others. Mhm. You are responsible for it.

[00:19:58]The evil that men still lives after them and goodness and mercies shall follow you. Lookution somehow.

[00:20:30]Mhm.

[00:20:35]It ends there.

[00:20:40]No prosecution. So many of them [clears throat] evidence to prosecute. Why do you go for the Why do you go and and arrest somebody? I don't get it.

[00:21:02]Criminal is at work.

[00:21:12][clears throat] to speak. Yeah.

[00:21:30]All these people it ends there. Okay. So what is the rational BEHIND IT? OKAY.

[00:21:48]>> WHY should we move into somebody's um house to ransack there arresting people anybody you do me I do you much of a match the same template.

[00:22:17]Okay.

[00:22:28]>> Which is not good for this country.

[00:22:31]Enemies for yourself.

[00:22:42]Okay. The best thing is then the court processing starts.

[00:22:47]>> Okay.

[00:22:50]The court process.

[00:23:09]police any security to intimidate >> there will be a day of accountability but Dr. I didn't expect him >> to make such a statement. You know why?

[00:23:27]MP4 people to arrest. Okay.

[00:23:40]The only Because as a leader Mhm.

[00:24:08]State to our law.

[00:24:33]Electronic Communication Act, National Security equalization issues as they are now.

[00:25:15]Okay.

[00:25:17]Article 21 of the 1992 constitution freedom of speech and expression.

[00:25:25]expressing his viewing view. Not withstanding responsive right politician.

[00:26:10]under article 21.

[00:26:13]Article 164 responsive responsive judgment on issues of law that on issues of Okay.

[00:26:46]Okay.

[00:27:12]Judgement out of freedom.

[00:27:38]But this time freedom of speech of speech, section 208, we should be very responsive. Okay.

[00:28:06]Ordinary person report Police on similar issue.

[00:28:55]Conviction. a day.

[00:29:19]reminder but okay.

[00:29:35]Okay.

[00:29:46]The issue of punishment.

[00:30:01]Mhm.

[00:30:12]The wheel of justice but justice delay. justice denied. Okay.

[00:30:35][laughter] Ghana democracy initutions.

[00:31:12]Democracy.

[00:31:18]Military