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Ghana: ‘Mourning’ over return to IMF?
Ghana is speedily heading to the International Monetary Fund (IMF) for a fresh bailout, just after over three years, exiting the IMF programme.
Indeed, Ghanaians in recent months, have been feeling debilitating pinch of high inflation record and the impact of the Covid-19 pandemic and the Russia-Ukraine war, despite cuts in Government’s spending to avoid full blown debt crisis.
The Government of Ghana has issued an official statement signed by the Information Minister saying: “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorised the Finance Minister, Ken Ofori-Atta to commence formal engagements with the International Monetary Fund, inviting the Fund to support an economic programme, put together by the Government of Ghana.
“This follows a telephone conversation between the President and the IMF Managing Director, Miss Kistalina Georgieva, conveying Ghana’s decision to engage with the Fund.
“At a meeting on June 30th, 2022, cabinet indicated its support for the decision.
“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.”
Dr Albert Touna-Mama, IMF’s Ghana Country Representative, has confirmed that Ghanaian officials have contacted the Fund to request for assistance with the country’s own economic plan.
A tweet by Dr Touna-Mama says: “The IMF stands ready to support Ghana in restoring macro-economic stability, safeguarding debt sustainability and prompting inclusive and sustainable growth.”
The Government had previously stated emphatically, not to seek a bailout from the IMF again, especially when the country completed its last IMF programme in 2018, assuring that it has the capability of managing the nation’s economy efficiently.
Indeed, just a few weeks ago, the Finance Minister had re-stated the government’s aversion to suggestions for an IMF option in the face of the crippling difficulties confronting the Ghanaian economy, insisting that Ghana has the resources to prudently manage its economy.
For months, the government fought very hard to approve and implement a 1.5 per cent levy on electronic transactions.
Among many arguments, the government said the E-Levy was a direct substitute for a possible bailout from the IMF, in the face of the country’s growing economic challenges.
For instance, the New Juaben South Member of Parliament, Michael Okyere Baafi, in one of such arguments in defence of the Government said; “falling on the IMF for a bailout means, we cannot manage our own economy and that they should come to our rescue.”
“So, they will tell you that the first thing you have to do, is to cut your coat according to your size.
“And they will direct the Government to cancel the Free Senior High School programme, which is only a political decision and not an entrenched constitutional issue.”
Painfully, the government has eaten back its own words and since the announcement of its decision to “dance again” with the IMF, many Ghanaians have been “mourning” and expressing “hot” anger over the decision, contending that the IMF will be pushing “bitter pills” down the throats of Ghanaians in the name of a bailout.
Really, “mourning” is the outward expression of one’s grief. Grief is the internal feeling given to the experience of loss. Examples include fear, panic, pain, yearning, anxiety and emptiness.
Synonyms for “mourning” include wailing, weeping, sadness, despair, heartache, shiva and lamentation.
Some critics of government’s decision to return to the IMF say: “Election related expenditures, travel expenses and national cathedral expenses did not indicate that Ghana was really in distress.
“Rather, unexplained high borrowing beyond unsustainable levels, entangled the in-built resilience of the economy as interest payment burden, undermined fiscal prudence.
“While policy credibility and confidence have been compromised and mutilated.”
Others also argue that:”Though we have global economic challenges, not all countries are going to the IMF due to the pandemic and the Russia-Ukraine war.
“In terms of expenditures and funds related to Covid-19, Ghana experienced positive net benefits as the funds raised were more than the expenditures incurred.
“So, if the fresh and ongoing engagement with the IMF is pandemic induced, then it is mismanagement and corruption.
“Really, the intention of government to engage the IMF is to stabilise the economy and learn some basic lessons of prudence and productive expenditures, as statutory payments to many state institutions are even in several months arrears.”
Charles Robertson, global chief economist at the London-based Renaissance Capital, however, says:” It makes sense for Ghana to seek cheap IMF financing as bond markets were shut to the country.”
According to Robertson; “Ghanaian notes have been trading at distressed levels, amid concerns that the government will not be able to refinance foreign debts after the pandemic, and the Russia-Ukraine war sent borrowing costs soaring.”
Robertson says; “Ghana, just saying that they will begin talks with the IMF, will help open the door to them eventually, to access the international market.”
With Ghana having started engagement with the IMF for a very fresh bailout, the seeming “mournful” question on the lips of many is: “Why should we go back again to ‘dance’ with the IMF and suffer ‘broken limbs’?”
Alternatively, as a nation, what shall we do to avoid running to the IMF, again and again?
Contact email/ WhatsApp of author:
asmahfrankg@gmail.com (0505556179)
By G. Frank Asmah
THE state of feeling rejected, could be a terrifying experience especially for those who have become used to fame. If not properly addressed, it could lead to depression and the consequences, could be disastrous.
When you are on top of your game in whatever profession you find yourself such that you become famous, a lot of people try to associate with you. The phone never ceases to ring and one is tempted to feel loved and very important.
When a disaster strikes and the fame or the money which was the source of the attraction fades away, the circle of friends and fans begin to shrink and the phone will start to stop ringing until the call stops voting completely.
You will be shocked at how people you considered friends, will no longer be calling you or pay casual visits as they used to. You will begin to notice that messages you leave after calling them and not getting a response are not replied to and that is when you begin to know who your true friends are.
One of the most popular movie stars was an actress called Sharon Stone. In an interview with one of the media houses that was published, she spoke about how people who should have come around to encourage her in her moment of depression, shunned her. The calls stopped coming.
This is what the Bible admonishes that the arm of flesh will fail you and therefore we should put our trust in God. It could be a very frightening experience and can easily lead to depression.
Human nature being what it is, people will want to get close if things are okay. Everybody wants to associate themselves with interesting things, famous people, rich people etc for mainly selfish reasons.
We need to develop the habit of putting our trust in God and relying less on human beings. The lesson we have to take along in life is that, no one marries his or her enemy so how come people who took vows that they will love each other become so hostile to each other that they want to go their separate ways in life? Such is the reality of life.
It is therefore prudent for people to recognise that, life is full of uncertainties and so there is the need to prepare your mind for uncertainties so that when they occur, they do not disorganise your mental sanity.
A lot of people have experienced situations where people who they could have sworn will never betray their trust have disappointed them when they were through challenging moments.
If there is one thing famous people should desire, it should be the ability to identify who are true friends are. Countless stories abound regarding incidence of celebrities who have lost their shine and their wives divorcing them soon after.
It is sometimes useful as a famous or rich person to sign a prenuptial agreement before marriage to safeguard or protect yourself from any future unpleasant surprises.
People can be very pretentious these days, it goes both ways. There is this real life story where a man married a divorced wealthy woman and convinced her to sell her house so they could build a new one together, with the excuse that people are gossiping that he is being housed by a woman.
The woman agreed and they put up a new building. After a few years the man asked for a divorce, only for the woman to realise that the land on which the building was situated, was bought in the man’s name.
This can drive a person insane, if you are not mentally tough and this happens to you. When people hear that you are homeless, a lot of your so-called friends will stop calling, so that you do not become a burden on them.
By Laud Kissi-Mensah
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‘But, er …. I don’t even know your name’.
‘Paul. Paul Allotey. I’m Sarah, by the way. Paul, why don’t you leave me here, since this is the last important thing I’m doing today’.
‘Okay. Now Sarah. I was just thinking. You will be here at the cafe for about an hour. By then it will be about twelve thirty. Then, you would be thinking of buying yourself some lunch, to eat here or to take home. So if you would please allow me, I will take you to one of the nicest eating places in town, and after you have sorted that one out, then I can drop you home. Just that one errand, then I won’t bother you again’.
‘You are not bothering me at all. You are being very kind to me. And I just realised you are a mind reader too. The last item on my agenda was lunch’.
‘I’m so glad I appeared at your doorstep, just in time’.
‘Okay. Now Paul, since you say the cafe is a comfortable place, let’s go in together, and you can do your work while I get my application done’.
‘Okay, Sarah. Thanks. Let’s go’.
We got back in the car at eleven forty-five.
‘So where are we going, Paul?’
‘To Royalty restaurant. It’s a twenty minute drive away’.
‘So, do you enjoy your job?’
‘Most certainly. I won’t change it, not even to be President. And am I right to say that you are preparing to enter the university?’
‘That’s my plan. I hope it works’.
‘It will, if you are determined, and disciplined. You look very much like a disciplined person’.
‘Thank you very much’.
We arrived at Royalty in twenty-five minutes, ‘You are joining me for lunch, Paul’.
‘Thanks for the honour, Sarah. But the bill is on me’.
‘Aren’t you taking on too much for one day?’
‘I never do anything that is bigger than me, Sarah’.
Over the next hour and a half, we discussed fashion, local and international politics, and sports, as we ate and relaxed. Finally, he drove me to the shop.
‘I will never forget you, Paul’.
‘I’m glad to have been helpful. But if you don’t mind, I’ll say it again, your husband is extremely lucky. You are really beautiful’.
‘Thanks again. But do you mind if I call you sometime in the future?’
‘Certainly not. Let me write it here. I will not ask for your number, for obvious reasons. But I will be looking forward to hearing from you. And hopefully, I will see you next month, when I call to drop your bill’.
‘Okay Paul. See you then’. What a lovely day, I said to myself as I opened the front door. I closed the shop and got home by seven. I went straight to the bedroom, stood in the mirror and took a good look at myself. ‘You are a very beautiful woman, Sarah. Never forget that’. I will not forget that, again.
Over the next several weeks, Martin and I had very little to do with each other. In the morning he ate his breakfast and after a shabby ‘I’m going’, he left. He came home around eight at the earliest, ate his dinner and, already soaked in beer, went off to sleep.
He spent the greater part of the weekends at the club house with his friends, playing tennis and partying. My mind was focused on furthering my education, so I didn’t complain to him, and didn’t bother to inform my parents about what was happening. I had decided that I would only take action if he lifted his hand against me again. I spent my free time reading all manner of interesting stuff on the internet, and chatting with my sister on WhatsApp.
One evening, he came home at about eight, rushed to the bedroom and rushed out. An envelope, obviously containing money, dropped out of his pocket, and I picked it up and followed him. I was going to call him and give it to him, but I noticed that there was a young woman in the car, so I went back in, counted it and put it in a drawer in the hall. He came back after some ten minutes.
‘Excuse me, I dropped an envelope containing money. You must have seen it’.
‘Yes, I saw it. Actually, I followed you, and was about to call you and hand it over to you when I realised that there was a woman in the car, so I came back in. I counted it. One thousand cedis.
‘Well let me have it. I have to be going’.
‘I will let you have it if you will tell me who the woman in the car is, and why you are going to give her that amount of money’.
‘Listen, if you waste my time, I will teach you a lesson you will never forget. Give me the money now!’
‘Here’s what we will do, Martin. I know you will give money to her anyway, so I will give it to you, if you will withdraw the threat you just issued. But I want you to know that I will be taking some steps from tomorrow. Things are getting out of hand’.
‘Okay, I’m sorry I threatened you. Can you please give me the money’. I handed it over to him, and he ran out’.
The following morning, I waited for him to finish having breakfast, and told him I wanted to have a word with him urgently.
‘You better be quick. You know I’m going to work’.
‘Well, I want to inform you that I will inform my parents, and your parents, about the situation in this house. As I said yesterday, things are getting out of hand. You spend most of your time drinking. You get drunk every evening, and through the weekend. And you are also spending your time and money on a prostitute’.
‘How dare you? One more stupid word from you …’
‘Am I lying, Martin? You have just started life, yet you are behaving like a rich, elderly man who has already seen his children through university, and can afford a life of fun. As I said, I’m going to inform our parents. Maybe your parents can straighten you out before it is too late’.
‘Look, we can talk this evening. It’s nothing like what you are saying’. He walked away, shocked.
That evening, I was expecting to have a meaningful discussion with him, but his mother called early in the evening to offer me some ‘advice’. Her son had called to say that certain developments at home were disturbing him so much that they were beginning to affect his work.
And, ‘as a loving mother to her daughter’, she was advising me to submit to my husband, and support him in prayer, and not ‘drive him from home’. Men would always be men, and she was telling me ‘from experience’ that no matter how much time Martin stayed away from home, he would always come home to me.
She had been a young wife before, so she understood the challenges I was facing. So I could be assured that if I followed her advice, all would be well. And, of course, she didn’t allow me to tell my side of the story.
Martin came home very late, and very drunk. And from the next morning, he carried on as before. With some hesitation, I called my dad and told him all that had gone on.
‘Well, my daughter. I’m not going to say “I told you so”. I was only trying to protect you. So here’s what we’ll do. Continue doing the best you can, and try not to give him any excuse to harm you, but if things continue to deteriorate, I will take you back.
A couple of days later, my cousin Dinah arrived in Accra from Brussels, having completed her medical course. With Martin’s agreement, I went to Koforidua and spent a couple of days. I spent most of the time chatting about her experiences in the US, but we also discussed my relationship with Martin, and she endorsed Dad’s decision to take action if Martin’s behaviour did not change after two weeks Elaine informed Mom and Dad. We endorsed Dad’s decision to take action if there was no change in two weeks.
Dinah returned with me to Takoradi. Her plan was to spend a couple of weeks, and return to Accra to be posted. I called Paul Allotey, and asked if he would meet her for lunch and, if possible, show her some interesting spots. Delighted, he suggested that we meet at Royalty the next day.
I told Martin about it, to remove any possibility of future disagreement over ‘going out with men’.
‘It’s fine with me’, he said, ‘if, of all the people who could show your sister round this town, you chose a borla man. Doesn’t that indicate the kind of person you are?’
‘ First of all, Martin’, I’ve spoken to him a few times, and he comes across as a decent guy, so I think it is rather unfortunate that you are writing him off when you don’t know him’.
By Ekow de Heer
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