IMF Bailout: Prez Akufo-Addo Has Taken a Bold Step - Adomako Baafi

Yaw Adomako Baafi, a member of the governing New Patriotic Party's communication team, has built a defence for President Nana Addo Dankwa Akufo-Addo for making a U-turn from his decision not to run to the International Monetary Fund (IMF) for financial support.

The President, in 2016, promised Ghanaians that there is no way Ghana will return to the IMF under his leadership and in respect of this, the country exited the IMF in 2019.

But after three years of exiting the international financial institution, Ghana is back to the IMF as the President has directed the Finance Minister to commence "formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana".

A statement issued by the Minister of Information expounded that "the engagement with the IMF will seek to provide balance of payment support as part of a broader effort to quicken Ghana's build back in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crises".

The Akufo-Addo/Bawumia administration has come under intense criticisms for taking the country to the IMF.

Some political opponents and critics accuse the President of mismanaging the economy, therefore resulting in the IMF bailout.

But to Yaw Adomako Baafi, the IMF intervention is one of the best decisions by the President for the nation.

To him, the IMF bailout under the Akufo-Addo regime is different from that of previous governments, particularly the John Mahama government, emphasizing that President Akufo-Addo is taking Ghana to the IMF due to the adverse impact of the Russia-Ukraine war and the Coronavirus pandemic but the erstwhile Mahama administration went to the IMF due to economic mismanagement.

"It's a bold step that the President has taken . . . I plead with Ghanaians to be patient and calm," he concluded while speaking on Peace FM's morning show "Kokrokoo".