Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, has raised concerns over the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme. Despite the IMF’s positive evaluation, which paves the way for Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Adongo has cast doubt on the true state of the nation’s economy.
While the IMF has lauded Ghana for its performance and cited key indicators that point to the programme’s effectiveness, Adongo remains unconvinced about the actual conditions on the ground. In an interview with Citi News, Adongo questioned the IMF’s assessment, emphasizing the disconnect between the IMF’s report and the everyday struggles faced by Ghanaians.
Adongo also expressed skepticism regarding the IMF’s role as a consultant, suggesting that consultants rarely acknowledge the failure of their advice. He pointed out that while the IMF may not have direct interactions with the local market, surveys indicate a troubling increase in the inflation rate, which contradicts the IMF’s positive review.
“Do you need the IMF to come and tell you that you can’t afford basic necessities like kenkey? Do you need the IMF to inform you that fuel prices have skyrocketed to almost GH¢15 per litre? Do you need the IMF to notify you that the exchange rate is now over GH¢13 to a dollar? The IMF serves as a consultant to Ghana, and consultants seldom admit failure,” Adongo stated.
He further emphasized that the truth lies in the realities experienced by the people of Ghana, rather than in the reports provided by the IMF. Adongo highlighted the disconnect between the IMF’s evaluation and the worsening economic conditions faced by ordinary citizens, stressing the importance of acknowledging the actual challenges on the ground.
As Ghana moves closer to passing the management executive board review, which would lead to the release of the third tranche of $360 million from the $3 billion package, Adongo’s concerns serve as a reminder to consider the lived experiences of the population alongside international assessments of the country’s economic performance.
