The government’s last resort for support, according to Dr. Tiah Kabiru Mahama, Technical Advisor to the Vice President, was turning to the International Monetary Fund (IMF).
He claims that although the IMF is a program that no nation wants, Ghana found itself in need of it.
He claimed that the Finance Minister was optimistic when he said that the government could run the nation’s affairs without consulting the IMF in an interview that aired on Joy News on February 12.
However, we had to go to them and do that when the chips were down. The economy of Ghana was forced to choose to accept this kind of support.
He continued, “So when you are essentially at a loss for options, you have to take actions that will actually save your economy and save lives.”
In an effort to help the government weather the crisis until normalcy returns, Dr. Mahama underlined that the Vice President also supported the Bank of Ghana’s decision to grant credit to the central government.
“No country will want to go to the IMF with the program unless it is, of course, a last resort.” He clarified that the lack of workable alternatives led the government to make that choice.
On the other hand, Dr. Mahama claimed that Ghana’s development was funded by the IMF. He cited the development of the nation’s railway network, infrastructure, and road construction as some of the significant projects made possible by the fund.
In addition, he mentioned that the government has over a million employees in the public sector and makes sure all of them, including those already employed by it, receive salaries.
He went on, “This government can definitely account for the money that it has received from the IMF.”
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