By Isaac Adongo, the Ranking Member on the Finance Committee in Parliament, has raised concerns regarding the recent staff review conducted by the International Monetary Fund (IMF) on Ghana’s three-year Extended Facility Programme.
Despite the IMF’s favorable evaluation, positioning Ghana to receive the third tranche of $360 million from the total $3 billion IMF bailout package, Adongo has cast doubt on the actual state of the nation’s economy.
Despite the IMF’s commendation of Ghana’s performance and indications of program effectiveness, Isaac Adongo maintains skepticism about the actual economic conditions on the ground.
He questions the disparity between the IMF’s assessment and the realities faced by Ghanaians. In an interview with Citi News, Adongo emphasized his reservations regarding the IMF’s role as a consultant, suggesting that consultants often fail to acknowledge the shortcomings of their advice.
He highlighted that while the IMF may not directly engage with the local market, surveys indicate a worsening inflation rate, a stark contrast to the IMF’s positive review.
“Do you need the IMF to come and tell you that you can’t buy a ball of kenkey? Do you need the IMF to tell you that the fuel is now almost GH¢15 per litre? Do you need the IMF to tell you that you need more than GH¢13 to buy a dollar? IMF is a consultant to Ghana and no consultant has ever told the people of Ghana that it has failed.
“The truth is what you and I know, IMF doesn’t buy things from our market. The survey is telling us that inflation is getting worse and you want to believe what the IMF says?” he asked.
