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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
Conflict at work is more common than you might think. According to 2022 research by The Myers-Briggs Company, more than a third of the workforce reports dealing with conflict often, very often, or all the time in the workplace.
Addressing a dispute might feel tense or awkward, but resolving the conflict is typically well worth it in the long run. Whether you are trying to mediate conflict between colleagues or are directly involved. Last week we looked at three and this week is the remaining four steps you can take to manage workplace conflict.
4. Find common ground
The best way to handle workplace conflict is to start with what you can agree on. Find common ground between the people engaging in conflict. If you are directly involved in the conflict, slow down and focus on results instead of who’s right.
If you are the mediator for conflict resolution between coworkers, observe the discussion and help point out the common ground others may not see.
5. Collectively brainstorm solutions
When deciding how to handle workplace conflict, it can be tempting to problem-solve on your own. Sometimes, it feels easier to work independently rather than collaboratively. However, if you want to achieve a lasting resolution, you will need to motivate your team to get involved.
Brainstorm possible solutions together, and solicit input from everyone involved on the pros and cons of each option until you settle on a solution that feels comfortable to everyone. This will help all team members feel a sense of ownership that can help prevent future conflicts.
6. Create an action plan
Once you have created an open dialogue around workplace conflicts, it is time to resolve them. Just like any other work goal, this requires creating a concrete plan and following through.
Create an action plan and then act on it. It does not matter what the plan is, as long as you commit to it and resolve the conflict as a result.
7. Reflect on what you learned
All conflicts offer an opportunity to grow and become a better communicator. Identify what went well and what did not.
Work with your whole team to gather learnings from the conflict so you can avoid similar situations in the future.
Today, I continue with my narration of personalities and their accomplishments as members of the Ghanaian Diaspora in Finland, with a focus on Mr Joseph Osei Amoah.
Mr Amoah is one of the senior members of the Ghanaian community in Finland and a top member of the Ghana Union Finland, an association of the Ghanaian migrant community in Finland.
He is an active and a well-respected person in the Ghanaian community in Finland. Mr Osei Amoah moved to Finland in the mid-1990s, and he has lived in Helsinki all this time.
Accomplishments and honours
It is important to recount accomplishments as part of the success stories of the personalities of Ghanaian descent in Finland in order to highlight their exploits both within the Ghanaian migrant community and in the wider Finnish society.
Mr Amoah holds a Master’s degree in Demography from the University of Helsinki. At the time he came to Finland in 1994, he had majored in Economics at the Bachelor’s level at the Kwame Nkrumah University of Science and Technology (KNUST).
Sometimes affectionately called “Chairman” in the Ghanaian migrant community, Mr Osei is a former Chairman of the New Patriotic Party’s (NPP) branch in Finland, assuming office around 2015, a few months after the branch was formed, until 2019 when he did not run again for the elections. He helped to bring vibrancy into the NPP Finland branch.
Religious life
Mr Amoah is a prominent member of the Global Methodist Church in Finland. In spite of his busy working life and other responsibilities, he remains a committed member of the Global Methodist Church in Finland.
He plays a key leadership role in the church, which is attended by many Ghanaian migrants and other African migrants, Finns, and those of other nationalities.
His position in Asanteman Finland
Mr Osei Amoah is an outstanding member of the Asanteman Finland, where he is the Gyasehene, a prominent position as a sub-chief in the Asante (and Akan) royal hierarchy, in the functioning of the traditional authority systemgenerally in Ghana.
The Asanteman Finland is an association formed purposely with the aim of supporting each other as well as to ensure unity among its members and others outside of the group.
One of its top priorities of Asanteman Finland is to display the Asante culture in Finland. Mr Osei Amoah finds this as very important since by upholding the traditional culture and heritage, the association enables its members and especially the young ones to get the chance to learn and appreciate Asante and Ghanaian cultural values. They do this through rites such as marriage, the naming ceremony, and death and funeral rites, which makes the people to learn more of their provenance and not forget their origins.
“My point is that, by displaying the traditional heritage it helps people to learn more about their provenance. For, I think it will be embarrassing to go home and see that even the young ones have much knowledge about how to perform certain rites whilst those of us in the diaspora may be deficient in understanding those practices”, he argued. It is also very important for the young ones who are born in Finland to learn what the culture of their original society is, he continued.
The Finnish educational system
Mr Osei has a lot to say about the Finnish educational system, which he sees as very good. “When we came to Finland, education was free. There were library books and manuscripts readily available in the library, and one could print or make as many photocopies as possible for your studies. There was more flexibility. One could read books and write exams on them for the necessary grades in order to complete your studies”. In his opinion, Ghana could learn much from the Finnish system, which is one of the best in the world.
He said the only initial challenge he found in Finland was how to master the Finnish language, without which it was difficult to get a job befitting one’s status after the studies. But things have changed today and there are many English courses so it is easy to study and get a job that matches your studies, especially in the area of ICT, he said.
His role in the Ghanaian community
Mr Osei Amoah has been very active in the Ghanaian community, as I have indicated earlier. He is still very active in the Ghana Union Finland, and has played a leadership in many functions organised by the Union, as a non-governmental organisation for the Ghanaian migrant community in Finland.
Mr Amoah has been a counsellor and mentor who has guided many young Ghanaian migrants on their career paths and has also been part in settling various kinds of conflicts between opposing parties or persons. In conclusion, I would say Mr Osei Amoah has succeeded in embossing his name in the golden pages of visionary Ghanaians in both Sweden and Finland.
With Dr Perpetual Crentsil
