Former Deputy Finance Minister and Member of Parliament for Nhyiaeso, Stephen Amoah, has defended the decision by the previous Akufo-Addo administration to seek support from the International Monetary Fund (IMF), attributing the move to the economic shocks caused by the COVID-19 pandemic and the Russia-Ukraine war.
His comments come after the current NDC government announced Ghana’s transition from the IMF-supported bailout programme to the Policy Coordination Instrument (PCI), marking the country’s exit from the fund-supported programme.
Speaking on Citi Eyewitness News on Monday, May 18, Dr. Amoah rejected suggestions that Ghana’s economic crisis was solely the result of policy failures under the previous administration.
According to him, the country’s economy was performing strongly before the global shocks disrupted growth and fiscal stability.
“The severity that actually drove us to IMF was COVID and the Russian-Ukraine war because in the first three years we were growing averagely, our inflation rate was 7%, our reserves, everything,” he said.
He argued that Ghana had maintained relative macroeconomic stability prior to the crises, adding that government had implemented several social intervention programmes through what he described as prudent economic management.
“We were running one of the most enviable pro-poor policy as a result of prudent economic management, so we were doing well,” he stated.
Dr. Amoah further noted that Ghana’s economic challenges are rooted in long-standing structural weaknesses, including the country’s dependence on imports and spending patterns that have persisted across successive governments.
He also maintained that the previous administration had already positioned the economy towards fiscal discipline and consolidation before leaving office.
Analysis: Ghana ends $3bn bailout but remains under IMF oversight until 2029
