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Ghana News

Kwesi Pratt Jr. Predicts More Hardship for Ghana After IMF Bailout

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Managing Editor of the Insight Newspaper, Kwesi Pratt Jr., has raised concerns that Ghana’s economic crisis will worsen after the country secures the US$3 billion bailout from the International Monetary Fund (IMF). According to him, no country has ever achieved economic recovery after seeking financial assistance from the IMF.

Pratt Jr. noted that the conditions attached to the bailout package would have a detrimental effect on the country’s economic growth. He cited past instances where the IMF had imposed measures like the withdrawal of subsidies from social services, which had dire consequences for the people.

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Speaking on Accra-based Peace FM, he said, “IMF and World Bank have done us no good. Can anyone boldly tell us that any country has recovered their economy after engaging these two bodies? There is none.”

Ghana has reportedly met all the requirements for the US$3 billion IMF bailout, except for one condition that concerns the effective management of the Domestic Debt Exchange Programme. Despite this, the Convener of the Individual Bondholders Forum, Senyo Hosi, has described the policy document of the government’s second round of debt exchange programme as a “good deal.”

Hosi noted that the terms of this policy are more favorable in comparison to the earlier debt restructuring exercise and should be critically analyzed by pension funds that are the target. He, however, lamented that the main opposition to the program from the labor unions is due to the government not prioritizing stakeholder consultations.

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