The Trades Union Congress (TUC) has described the government’s decision to seek an economic bailout from the International Monetary Fund (IMF) as a “tragic mistake and a sad one for Ghana.”
According to the TUC, this will be the 18th time the country’s economy will be handed over to the IMF to manage and, thus, gives a clear indication that “we cannot manage our affairs.”
President Akufo-Addo recently directed Finance Minister Ken Ofori-Atta to begin talks with the IMF for a bailout.
The economy has been in rough waters for some time now.
Fuel prices keep rising, the cedi keeps depreciating, inflation keeps soaring, and the cost of goods and services keep rising.
As of March 2022, Ghana’s total debt stock stood at GH¢391.9 billion.
The TUC in a statement signed by its secretary-General Dr. Yaw Baah kicking against the IMF bailout said IMF programs have only imposed unnecessary hardships on Ghanaians with practically nothing to show for them.
The TUC stated that instead of an IMF program, the government can achieve sustainable economic growth and development “if we build consensus among the key stakeholders through a genuine social partnership.
Bainamultimedia
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