I may renegotiate IMF bailout terms if necessary- Akufo-Addo

Flagbearer of the New Patriotic Party (NPP) says a future Nana Akufo-Addo led government will respect a binding agreement with the International Monetary Fund but will not hesitate to renegotiate part of the agreement if it becomes necessary.

Nana Akufo-Addo made the comment in an exclusive interview with Joy Business’ George Wiafe  shortly after a presentation by his running mate Dr Mahamudu Bawumia.

The former Deputy Governor of the Bank of Ghana who was making his second appearance on the 4th edition of the Distinguished Speaker Series organised by the Central University College, painted a grim picture of Ghana’s economic indicators, stating rather emphatically that the IMF bailout is not the panacea to Ghana’s challenges.

In a 70-paged presentation, Dr Bawumia said the country has had to go back to the IMF because of its penchant for borrowing, corruption and fiscal indiscipline by Government.

He said Ghana is not only corrupt but officials have become very corrupt with impunity.

He added that the government, despite a remarkable increase in revenue inflows- loans, proceeds from oil, cocoa, gold- have little to show for in terms of infrastructural investment.

Dr Bawumia stated that contrary to Government assurances that it is borrowing to invest, the facts are that Ghana’s capital investment expenditure has declined.

He said the IMF bailout, which is nearly a billion dollars, is equivalent to building three Kumasi Central markets, a bailout government should not bank its hope on.

Dr Bawumia said government must as a matter of urgency begin to streamline its debt profile, solve the power crisis, invest more in agriculture and provide credible data for its economic policies.

While admitting that the challenges are dire, the NPP vice presidential candidate provided some hope, saying, with honesty and credible economic policy, the country can change its economic fortunes.

In vehement support of his right hand man, Nana Akufo-Addo said the highest point of the presentation is the clarion call on Ghanaians to be hopeful that even in the midst of the turbulent crisis, the country can still bounce back.

With the IMF bailout spanning three years, the conditions will still remain if the NPP should win the 2016 elections.

Asked if a Nana Akufo-Addo government  will respect the IMF conditionalities, Nana Akufo-Addo responded in the affirmative but was quick to add that if it becomes necessary that he should renegotiate the terms of the bailout he will do so. 

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