The International Monetary Fund (IMF), seem to be painting a gloomy picture about the country’s debt sustainability.
According to the IMF report, Ghana’s debt is a little over 60 per cent and it thinks that if this continues, it will bring untold hardship to Ghanaians. The IMF went further to project that Ghana’s public debt would hit a little over 70 per cent of the country’s total economic output by 2015
The IMF, like Ghana cannot eat, it cake and still have it.
Over the years, the IMF has always dictated our economic paradigm. Every policy that has failed was pushed down our throats, because we had gone to them for a bailout or loan.
They do not only give us the loan, but they dictate to us, what the money should be used for, as well as what measures, we had to implement or decisions to take to qualify for any bailout.
We have always done what they ask of us, when things do not go well, they turn around and tell us what we already know. When was the last time, they gave us money to be used to resuscitate our dying industries, when was the last time they gave us money to help propel our productive sector?
We can only get out of their web, when we have built the necessary capacity to produce enough to feed our people, have vibrant industries capable of competing with products from anywhere in the world.
The IMF exist because, they have managed to put third world countries under their command and control and they choose what to say at what and depends on who is in government.
Anytime, there is a change in government, the IMF report on the performance of that government is always bad, yet it is common knowledge that all the policies, pursued and implemented by that government, had to be approved in Washington.
For how long are there going to be playing with us, as though we are not capable of thinking.
It is our hope that as the President, John Dramani Mahama said, this would be the last time Ghana would go to them for a bailout.
We do not need them to remind us of the tipping point we have reached, after pushing us there. The hypocrisy of our so-called multi-lateral partners, knows no bound. What was the purpose of this report, why now, especially at the time we are in negotiations with them over a 750 million dollars bailout?