During an event in the Volta Region over the weekend, Speaker Alban Bagbin voiced concern about the reliance of successive governments on the International Monetary Fund (IMF) for financial assistance during economic crises.
Bagbin attributed Ghana's economic struggles to politically influenced development plans, which often lead to the abandonment of projects when a new party takes office. He emphasized the need for a unified national development plan and vision, urging all parties to rally around it to prevent fragmented plans and the subsequent project abandonment.
"We leave a lot of unfinished projects, wasting national resources and turning to the IMF for help, even though the IMF has never been instrumental in any society's development," Bagbin stated. "No society in the world has developed with IMF support. We've sought their assistance 17 times and are worse off, yet we are going back, cap in hand, begging for salvation."
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Bagbin's remarks come at a time when the Nana Addo Dankwa Akufo-Ado-led government is operating under a $3 billion IMF program, with only the first installment of $600 million disbursed so far. Ghana's economy has been a prominent topic in recent months due to rising inflation, a weakening currency, declining quality of life, and high living costs. The government has consistently attributed these challenges to the aftermath of COVID-19 and the Russia-Ukraine war before turning to a $3 billion IMF loan last year, with $600 million already credited to the government's account.
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