General News of Friday, 25 July 2014


Ghana must seek IMF bailout- IMANI-Ghana

The Executive Director of IMANI- Ghana, a policy think tank, Franklin Cudjoe, is asking government to seek for an IMF bailout since the much expected revenues from cocoa and gold will not be able to salvage the ailing economy.

Finance minister Seth Terkper has hinted that government is counting on the peaking prices in cocoa and gold on the international market to boost the struggling Ghanaian cedi. The cedi has been in a steep fall since January, depreciating over 27 percent this year alone.

In what appeared like an open letter to the president on his Facebook, the IMANI boss said, “I also think you should ask Minister of Finance to prepare for an IMF bailout since the expected magic with cocoa and gold revenues may actually only end up paying our arrears. Even if gas flows from Atuabo sooner, the pricing dynamics will mean nothing may change substantially for energy."

Mr Kudjoe is also urging President Mahama to merge some of the ministries to reduce the financial responsibilities on the state.

“Can you collapse a few more ministries into one? Lands and Forestry be merged with Environment and Science and Technology? Merge Food and Agriculture with Fisheries ministries? Merge Transport ministry with Roads and Highways? Ministries of Chieftaincy with Local Government Ministry? Finally merge Youth and Sport Ministry with Employment and Social Welfare Ministries? You will be saving loads of money and free fuel on V8s. All officials that would be retrenched from this exercise should be made agriculture extension officers and sent to every corner of this country to help till the land” he stated.

He appealed to the president not to be giving out unjustifiable “ freebies” as he believes was done in the case of the cars given to the national house of chiefs recently.

“Can you stop sharing freebies to those who already have? Many Chiefs hardly account for the lands they sell to investors and make loads of money. In fact, many chiefs are behind the many land tenure problems in this country. You should never give them those expensive cars again” he said.