Decision to go to IMF is appropriate

After series of debates as to whether the country should go to the International Monetary Fund (IMF) for support, the Government of Ghana has taken the decision that at this time of the global economic situation, the country needs to go for some assistance.

The assistance from the IMF has become necessary because, according to the government, the COVID-19 pandemic together with unfavourable global economic condition has made it difficult for the country to stand on its own, looking at the serious challenges affecting Ghana just like many other countries in the world.

It has been explained that support from the IMF will help the country to get balance of payment to enable it perform better in the days ahead.

The IMF is an international body that has been set up to achieve balance of payment support for member countries which decide to go to it (international body) for assistance. It is a body that plays a useful role in the economic development of member countries, among others.

Under President Nana Addo Dankwa Akufo-Addo, every effort has been made to ensure that the economy performs better as regards the welfare of Ghanaians. Unfortunately, the COVID-19 pandemic which affected all parts of the world forced the government to spend heavily to save the lives of the people in this country.

The President pointed out that, in the case of economies that were destroyed by COVID-19, it would be possible to revive them whereas in the case of human lives, they could not be revived once lost.

In light of all these, The Spectator is of the view that the people of Ghana ought to support the government, so that at the end of it all, a developmental agenda can be pursued for Ghanaians, irrespective of political affiliations.

We are very much aware that 100 countries have applied to the IMF for one form of bailout or the other. In this connection, therefore, it is clear that the unfavourable global economic situation together with COVID-19 has adversely affected every country in the world.

In view of the unfavourable global economic situation, the IMF threw out invitation to countries that wanted assistance to come forward.

From this perspective, it is appropriate for Ghana to take advantage and go to the IMF for assistance, contrary to its previous position that it would not go for help.

In fairness to the government, this paper acknowledges that from 2017 up to the first quarter of 2020, the economy of Ghana was performing creditably well to the admiration of many countries in the world.

Unfortunately, the sudden emergence of the COVID-19 pandemic ate substantially into the resources country and threw all projections out of gear.

As if this was not enough, the high price of crude oil worldwide, moving far above the $100 mark also added salt to injury and worsened the economic conditions of the country.

As a member of the IMF, therefore, Ghana has every right to seek assistance from this international body, so that the economic situation can be made a bit bearable for the country.

The Spectator, however, wishes to urge the team negotiating with the IMF to prepare adequately and ensure that the best alternatives and options are what are given the country.

The economic situation all over the world in both developed and developing countries has become very unfavourable and harsh, making life extremely difficult for ordinary people.

In this connection, we are urging all Ghanaians to remain calm in the hope that, what comes out from the negotiation with the IMF will be in the best interest of the country.