IMF bailout will have dire consequence, — Onsy Nkrumah
Dr Onsy Nathaniel Kwame Nkrumah Jnr, a son of the late Osagyefo Dr Kwame Nkrumah, has said that any International Monetary Fund (IMF) programme for the country should be looked at carefully before arriving at any conclusion, as that would have repercussions for the country, positive or negative.
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He has, therefore, advised the team negotiating on behalf of the country to carefully scrutinise the programme in the best interest of the nation.
His concern was contained in a release copied to the Daily Graphic in Accra.
Currently, the IMF team is in talks with the Ghanaian team, led by Dr Kwesi Botchwey, on a programme for a possible bailout for the country.
Already, the two teams have ended their first talks and are beginning the second soon.
Expected to begin in January 2015, the programme is aimed at salvaging Ghana from its current economic crisis.
According to the President, the IMF and the World Bank would collaborate to ensure a sustainable growth path for Ghana’s economy.
Dr Nkrumah’s concerns
It would be recalled that Dr Nkrumah, barely two weeks ago, wrote an open letter to President Mahama informing him of the danger the IMF programme would have on the country.
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The response to that letter is yet to be given by the President and his government.
Hardship for Ghanaians
“As I'd expect, this IMF deal would be followed by increased hardship, austerity, restrictions of all kinds, further currency devaluations and free fall runs, having less and less lenders to run to, to borrow more from Peter to repay Paul and so on.
“ Budget deficit merry-go-round would go round and round eventually in spiraling downward out of control unless something serious happens to rescue Ghana and salvage its sick economy. Otherwise, we'll end up having a grimmer choice between default or loan sharks territory,” he said.
Challenge for next government
Apart from being so damaging to all Ghanaians, Dr Onsy Nkrumah observed, the proposed IMF bailout programme would be illegal to the next party that would assume power after President Mahama’s if the programme is not carefully considered.
He added that, “It would seek to commit the next government with a set of humiliating protocols, restrictive regulations and forbidding restrictions which no self-respecting, God-fearing, nation building, forward-moving president would ever accept to sign up to.”
‘President must listen’
Dr Onsy Nkrumah emphasised in his open letter that, “I have advised other African governments before and I am volunteering my free advice to Ghana, but nobody is home to receive it. President Mahama seems always to be too busy to see anybody in Ghana or even abroad as I can say from personal experience.
“If President Mahama chooses to ignore my sincere advice and [that of] others who have relevant knowledge and experience or to engage in a meaningful debate with worried Ghanaians to find the best available alternatives to committing such an IMF suicide, then at least I feel that I would have tried my best to offer my help and would have cleared my conscience before God and Ghana, before the inevitable dire consequences take place,” Dr Nkrumah stated.