[ 2015-03-25 ]

I may renegotiate IMF bailout terms if necessary- Akufo-Addo
Flagbearer of the New Patriotic Party (NPP) says a
future Nana Akufo-Addo led government will respect
a binding agreement with the International
Monetary Fund but will not hesitate to renegotiate
part of the agreement if it becomes necessary.

Nana Akufo-Addo made the comment in an exclusive
interview with Joy Business' George Wiafe shortly
after a presentation by his running mate Dr
Mahamudu Bawumia.

The former Deputy Governor of the Bank of Ghana
who was making his second appearance on the 4th
edition of the Distinguished Speaker Series
organised by the Central University College,
painted a grim picture of Ghana's economic
indicators, stating rather emphatically that the
IMF bailout is not the panacea to Ghana's
challenges.

In a 70-paged presentation, Dr Bawumia said the
country has had to go back to the IMF because of
its penchant for borrowing, corruption and fiscal
indiscipline by Government.

He said Ghana is not only corrupt but officials
have become very corrupt with impunity.

He added that the government, despite a remarkable
increase in revenue inflows- loans, proceeds from
oil, cocoa, gold- have little to show for in terms
of infrastructural investment.

Dr Bawumia stated that contrary to Government
assurances that it is borrowing to invest, the
facts are that Ghana's capital investment
expenditure has declined.

He said the IMF bailout, which is nearly a billion
dollars, is equivalent to building three Kumasi
Central markets, a bailout government should not
bank its hope on.

Dr Bawumia said government must as a matter of
urgency begin to streamline its debt profile,
solve the power crisis, invest more in agriculture
and provide credible data for its economic
policies.

While admitting that the challenges are dire, the
NPP vice presidential candidate provided some
hope, saying, with honesty and credible economic
policy, the country can change its economic
fortunes.

In vehement support of his right hand man, Nana
Akufo-Addo said the highest point of the
presentation is the clarion call on Ghanaians to
be hopeful that even in the midst of the turbulent
crisis, the country can still bounce back.

With the IMF bailout spanning three years, the
conditions will still remain if the NPP should win
the 2016 elections.

Asked if a Nana Akufo-Addo government will
respect the IMF conditionalities, Nana Akufo-Addo
responded in the affirmative but was quick to add
that if it becomes necessary that he should
renegotiate the terms of the bailout he will do
so.

Source - Joy News

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