IMF bailout: Akufo-Addo's 'YentieObiaa' disposition ignored wise counsel – Minority

The Minority in Parliament has lamented the government’s posture on counsel they receive about the management of the government.

According to them, the government has a “YentieObaa” disposition, to wit, “we will not listen to anyone”

In a statement released by the Minority on the approval of Ghana’s $3 billion IMF bailout on May 17, 2023, it stated that it is this posture of the government that has led the country to the current financial crisis.

“We are on record to have urged this government to seek an IMF bailout in 2021, almost two clear years ahead of this announcement date, by which time things were not this critically dire, but true to their "YentieObiaa" disposition, the Akufo-Addo/Bawumia government arrogantly ignored wise counsel.

“The tragic events that have preceded this announcement, including the debilitating Domestic Debt Exchange Programme (DDEP) with its attendant cruel haircuts and denial of coupon payments to aged pensioners, negative impact on banks and insurance companies (as evidenced by the billions of Ghana Cedis impairments they recorded in the 2022 financial year), did not, therefore, come to us as a surprise,” parts of the statement read.

It has therefore asked Ghanaians to brace themselves for the harsh consequences of the IMF deal approved for the country.

The $3 billion loan facility was approved on May 17, 2023, after Ghana made the move to engage the fund in July 2022.

It said “Let us brace ourselves for the full consequences of this IMF deal, which will without doubt bite hard on Ghanaians, especially the youth. This is not the counsel of despair, but a reality that will soon dawn on all of us.”

SSD/MA