Fitch: Ghana IMF deal not a foregone conclusion

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Katy 9 years ago

All this borrowing and nothing to show for it.

All this borrowing and nothing to show for it.
Lady 9 years ago

It's amazing how we continue to borrow, only to end up mismanaging the funds. God save Ghana from thieving politicians

It's amazing how we continue to borrow, only to end up mismanaging the funds. God save Ghana from thieving politicians
PRINCE KWASI ADADE (OFIE) 9 years ago

AUTHOR: MR. FIGURE-OUT-------------
It is only in Ghana would such a dishonorably idiot be on the government pay roll. Professor Mill should be solely blamed for imposing those criminals on us. After Mills found Betty Moulds ...
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AUTHOR: MR. FIGURE-OUT-------------
It is only in Ghana would such a dishonorably idiot be on the government pay roll. Professor Mill should be solely blamed for imposing those criminals on us. After Mills found Betty Moulds guilty of judgement debt payments the only thing he could do was to move her to the Education dept to continue her looting. Readers would recall that Betty Mounds was the one who awarded SCHOOL building contracts at a triple price of the existing contract sum of some GH 80,000.00. And this happened at a time when they claim inflation was in the single digits. Could you imargin how foolish these criminal liars were. Kuffour built similar structures with 80,000 at a time when inflation was around 14.8% and under Mills it was 240,000 at a rate of 8.8%. And these buffoons turn around to blame the fall of the cedi on some mysterious dwarfs. I don't blame those African countries that have been ripped apart by civil unrest because if you have such buffoons in power who always turn our local elections into a West Africa one
by contracting Togolese Trokosis, Burkinabe and Wangaras from La Cote D'ivoire to vote for them, the " Road To Kigare", is sometimes, a likely option to kick their ass from power.
jones swayner 9 years ago

Ghana was sold and monies collected and pocketed by NPP and no one coughed! Even at the time the whole world was flourishing. What is npp talking about? Even European countries are being funded by the international community ...
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Ghana was sold and monies collected and pocketed by NPP and no one coughed! Even at the time the whole world was flourishing. What is npp talking about? Even European countries are being funded by the international community and what is Ghana!President mahama you are on the right track, do not mind these good for nothing pull him down people!
Go-go 9 years ago

A naive idiot living in fools paradise. If this is a right track then we're really in some serious trouble.

A naive idiot living in fools paradise. If this is a right track then we're really in some serious trouble.
GHANATTA 9 years ago

NDC government and its officials are addicted to stealing and looting. Members of this notorious party know no shame. As usual,NDC will steal more than 60 percent of the loan amount. This loan will be a burden of Ghanaians, f ...
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NDC government and its officials are addicted to stealing and looting. Members of this notorious party know no shame. As usual,NDC will steal more than 60 percent of the loan amount. This loan will be a burden of Ghanaians, for NDC can not put this money to good use.

Why can't Mahama government ask Rawlings family to return the $4 million of Woyome stolen money? That money is people's money. it doesn't belong to J.J. Rawlings. Rawlings family has received stolen money from a thief called Woyome. it makes Rawling family also a thief.

We implore John Mahama government to retrieve every penny of Woyome stolen money. Now, we know who are the big thieves in Ghana. The hypocrite called J.J. Rawlings, who pretend to be holly than everybody is a dangerous thief on the globe.

Rawlings must be ashamed wherever he is for killing innocent Ghanaians. Rawlings has done worse things than the people he hated and accused them of corruption and used that charge to kill them. Shame Rawlings!!. I wish your days will be bitter and sad for every passing seconds. You are worse than Hitler and Stanlin.
Kojo T 9 years ago

For the sake of power you will want top see your country on its knees. Any way the hardship affects all . Keep on wishing evil to Ghana and its people because of NPP greed for power

For the sake of power you will want top see your country on its knees. Any way the hardship affects all . Keep on wishing evil to Ghana and its people because of NPP greed for power
ASS HOLE FOLEY 9 years ago

FUCK GHANA AND FUCK THE MINISTERS WHAT ARE U GOING TO DO WITH ALL THAT MONEY BUYING BIG HOUSES AND CARS FOR YOUR FAMILIES FOOLS

FUCK GHANA AND FUCK THE MINISTERS WHAT ARE U GOING TO DO WITH ALL THAT MONEY BUYING BIG HOUSES AND CARS FOR YOUR FAMILIES FOOLS
Botha 9 years ago

You are an old idiot. Sixty five years and still stupid.

You are an old idiot. Sixty five years and still stupid.
WOII Anane 9 years ago

What a bigger idiot!

What a bigger idiot!
Kwabena Brobbey 9 years ago

We spent 3 billion on KVIP under Kuffour so keep your shut!!

We spent 3 billion on KVIP under Kuffour so keep your shut!!
Wiseone 9 years ago

Continue giving excuses for bad behaviors. If K4 was corrupt, does it justify for this administration to do the same, if not worse? No wonder we can't get rid of corruption bcos of this mindset.

Continue giving excuses for bad behaviors. If K4 was corrupt, does it justify for this administration to do the same, if not worse? No wonder we can't get rid of corruption bcos of this mindset.
Nii Aryee 9 years ago

Better to have KVIPs than shit in your streets. Think!

Better to have KVIPs than shit in your streets. Think!
Akos 9 years ago

This bailout means the IMF can easily control our natural resources and the market. A country well endowed with natural resources still can't stand on her own two feet and had to always prostitute herself for survival.

This bailout means the IMF can easily control our natural resources and the market. A country well endowed with natural resources still can't stand on her own two feet and had to always prostitute herself for survival.
Komla Agbeshie (Ho) 9 years ago

NDC has ruin our economy.Poor NDC

NDC has ruin our economy.Poor NDC
Kojo T 9 years ago

Osafo Marfo ruined SHC and destroyed Ghana 2020 which stopped the work for agric out put After all the oil was found by through efforts of GNPC not an NPP effort

Osafo Marfo ruined SHC and destroyed Ghana 2020 which stopped the work for agric out put After all the oil was found by through efforts of GNPC not an NPP effort
Koo 9 years ago

Kojo T stop this nonesense and appreciate the facts and truth on the ground. We all wishmahama well. But he isnt performing as a leader and the worse of it all is the B rated ministers who are in for their pockets. Whether Np ...
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Kojo T stop this nonesense and appreciate the facts and truth on the ground. We all wishmahama well. But he isnt performing as a leader and the worse of it all is the B rated ministers who are in for their pockets. Whether Npp destroyed the economy or not, its still doesnt make a difference. After all the Ndc pride themselves of maintaining a single digit inflation for 18mnth just after taking over. How did they achieve such a feet within the shortest time if the ground wasnt already prepared.
Francis C. Quainoo 9 years ago

Kojo T, most of us do know that you are long over due for Brain Surgery. Unfortunately, the Surgeon still can't find the RIGHT CAT!!!

Where were you when the NDC in Opposition claimed that the DISCOVERY OF THE OIL BY NPP W ...
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Kojo T, most of us do know that you are long over due for Brain Surgery. Unfortunately, the Surgeon still can't find the RIGHT CAT!!!

Where were you when the NDC in Opposition claimed that the DISCOVERY OF THE OIL BY NPP WAS ACTUALLY A PALM NUT OIL???

So is it the same palm Nut OIL that your CATS AND DOGS GOVERNMENT has since been Exporting from 2009 which has now reached nearly $3 BILLION???

Just tell the good people of Ghana what Developmental Projects and Job Creation have actually come out of this money.

In fact we pray that your DULLARD MAHAMA GET QUARANTINED IN THE US so that the good people of Ghana can be given a breathing space.

WHAT NATION WRECKERS!!!!

Best Regards,

Francis C. Quainoo
Western Australia
Pelicles 9 years ago

Thank you very much.

Thank you very much.
Thessa 9 years ago

There goes the stinky bigoted trokosi incestuous daughter fucker.

There goes the stinky bigoted trokosi incestuous daughter fucker.
Ebibiman 9 years ago

Funny people

Funny people
walid 9 years ago

THIS CLUE MAN DESTROY GHANA TO THE POINT OF NO RETERN MAHAMA GOT TO STEP DOWN WE CANT AFFORD HIS ON THE JOB TRAINING ,WHAT GHANA NEED NOW IS A LEADER TO SAVE US FROM ALL GOING HUNGRY AND STARVING TO DEATH

THIS CLUE MAN DESTROY GHANA TO THE POINT OF NO RETERN MAHAMA GOT TO STEP DOWN WE CANT AFFORD HIS ON THE JOB TRAINING ,WHAT GHANA NEED NOW IS A LEADER TO SAVE US FROM ALL GOING HUNGRY AND STARVING TO DEATH
KWAA 9 years ago

What really happened that in the span of only six years,that our economy has deteriorated to this extend?
If we don`t find the root cause of the "why",we can go to the IMF,it will not work.This is not the first time we are s ...
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What really happened that in the span of only six years,that our economy has deteriorated to this extend?
If we don`t find the root cause of the "why",we can go to the IMF,it will not work.This is not the first time we are seeking the help of the IMF,so it doesn`t seems it is working.
What we need is atitude overhauling,and learn to depend one ourselves.
KEN 9 years ago

Easy COME Easy GO ,THEN GHANA GOES BEGGING ,SELLING SLAVES IS THE NEXT OPTION ,WITH ALL THE REVINUE FROM GAS & OIL PEOPLE ARE WITHOUT THE THE BASIC ,NO BOOKS IN SCHOOLS AND NO MEDICENE IN THE SHACKS THEY CALL HOSPITAL .

Easy COME Easy GO ,THEN GHANA GOES BEGGING ,SELLING SLAVES IS THE NEXT OPTION ,WITH ALL THE REVINUE FROM GAS & OIL PEOPLE ARE WITHOUT THE THE BASIC ,NO BOOKS IN SCHOOLS AND NO MEDICENE IN THE SHACKS THEY CALL HOSPITAL .
Kokobi 9 years ago

IMF = MISERY, SHORTAGES EVERYWHERE, REMOVAL OF SUBSIDIES AND SHARP INCREASES IN UNEMPLOYMENT

IMF = MISERY, SHORTAGES EVERYWHERE, REMOVAL OF SUBSIDIES AND SHARP INCREASES IN UNEMPLOYMENT
Tweeaa 9 years ago

Ghana politicians, na wa! They're more dangerous than boko haram. How can clueless & greedy people be entrusted to lead the country?

Ghana politicians, na wa! They're more dangerous than boko haram. How can clueless & greedy people be entrusted to lead the country?
Kokobi 9 years ago

Please don't sell Ghana to the IMF .

Please don't sell Ghana to the IMF .
Akans Prophecies 9 years ago

We thank AfariGyan , Atugugba NDC with their looting collaborators, All those who joined in hands to make Mahama climb the stairways to this Hell. Rather unfortunate to have all potentialities with good and capable men thro ...
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We thank AfariGyan , Atugugba NDC with their looting collaborators, All those who joined in hands to make Mahama climb the stairways to this Hell. Rather unfortunate to have all potentialities with good and capable men thrown to the abandon in the name of a stupid , foolish pride ! Decievers with hate !NEVER AGAIN with these Culprits ,in the name of ghana .
Tango & Cash 9 years ago

No pain no gain. It's as simple as that!

No pain no gain. It's as simple as that!
Pelicles 9 years ago

The problem facing is bad governance under this useless government. JJ sought IMF loan and some of us saw or went through its austerity measures. The very path that invited IMF loan is what NDC had taken and trust me, it wo ...
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The problem facing is bad governance under this useless government. JJ sought IMF loan and some of us saw or went through its austerity measures. The very path that invited IMF loan is what NDC had taken and trust me, it won't be that easy when IMF implements its policy on our volatile economy.
AKONFEM MAHAMA 9 years ago

Eeeeeeeeeei mahama GHANIANS THANKS EC,JDM,NDC,ATUGUBA,PERIOD

Eeeeeeeeeei mahama GHANIANS THANKS EC,JDM,NDC,ATUGUBA,PERIOD
Oso 9 years ago

Seth Terpkeh, do you understand the language being spoken in the above report; you better do, or sack yourself; nit forgetting taking your president along. If you cannotunderstand the above analysis how much more your empty-h ...
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Seth Terpkeh, do you understand the language being spoken in the above report; you better do, or sack yourself; nit forgetting taking your president along. If you cannotunderstand the above analysis how much more your empty-headed Mahama?!
If you do, then you have intensionally screwed our country, stolen or deliberately mess it up! In that case, y'all need to be screwed too !!!
ASANTEWA 9 years ago

GHANA is NOW 5th WORLD COUNTRY.

BASTARD MAHAMA.
FOOLISH MAHAMA.

GHANA is NOW 5th WORLD COUNTRY.

BASTARD MAHAMA.
FOOLISH MAHAMA.
Say the TRUTH 9 years ago

The government will probably seek endorsement for the country’s ‘home grown’ strategy, but given its recent track record, may find the IMF’s likely suggestion of faster, front-loaded fiscal consolidation challenging.
...
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The government will probably seek endorsement for the country’s ‘home grown’ strategy, but given its recent track record, may find the IMF’s likely suggestion of faster, front-loaded fiscal consolidation challenging.

Ghana’s strategy focuses on raising government revenue, improving public financial management and alleviating the energy crisis. Proposed fiscal consolidation remains modest.

IF YOU HAVE VERY BAD MANAGERS OF ECONOMICS IN CHARGE OF AN ECONOMY ...THEY ALWAYS LOOK AND SELECT THE WEAKEST ALTERNATIVES IN TRYING TO SOLVE THEIR PROBLEMS THINKING THEY ARE SMART AND MAKING THE SMARTEST MOVE!!!

WHAT DO WE SEE THIS NDC BAD MANAGERS DOING: TRYING TO SOLVE THE PROBLEMS USING THE REVENUE GENERATION SIDE OF THE EQUATION ..... MEANWHILE THE PROBLEM CAME FROM THE EXPENDITURE SIDE & THEIR STUPIDITY HAS BLINDED THEM SO MUCH SO THAT THEY FEEL THEY CAN USE THE REVENUE/TAX SIDE OF THE EQUATION TO SOLVE THE COMPOUNDING PROBLEMS!!!!!!

WE HAVE VERY VERY DIM WITTS & STUPID MANAGERS IN CHARGE OF GHANA'S ECONOMY & GOVERNANCE!!!

A PITY TO SEE THESE "LOUD-FOUL MOUTHED" MANAGERS.....& ALL THEY DO IS INSULT ALL THOSE THAT COULD REALIZE THEIR STUPID WAYS AND WARN THEM....ALL THEY DO IS RAIN INSULTS BACK TO YOU...& THEIR WHOLE WORLD AND TARGET IS TO DESTROY NANA AKUFFO ADDO & DO ALL THEY CAN USE ALL FOUL MEANS TO DEPRIVE HIM OF COMING TO POWER...MEANWHILE THEY CAN'T HANDLE IT...THINKING STOPPING NANA WILL SOLVE THEIR PROBLEMS OF GOVERNANCE OR EXTEND THEIR CONTINUITY OF GOVERNANCE!!!!

STOPPING OR GANGING UP AGAINST NANA AKUFFO ADDO IS NOT THE ANSWER OF THE ANTIDOTE NDC!!!!!

NANA WILL COME AND GO!!!! HE IS NO BODY BUT THERE FOR A WHILE EVEN IF HE GETS THE CHANCE!!!

THE PROBLEM IS GHANA STRUCTURAL PROBLEMS/DEFICITS THAT NEEDS TO BE TACKLED FROM THE BASICS, FROM THE FOUNDATION AND THE FACBRIC OF THE NATION!!!

NO BAND AID WOULD SOLVE THE PROBLEMS BUT PRACTICAL REALISTIC AND SERIOUS APPROACH DEVOID OF PROPAGANDA, TRIBALISM, WHOM YOU KNOW, AVOIDING PUTTING SQUARE PEGS IN ROUND WHOLES!!!! ANYTHING OF THAT WOULD BE A FAILURE & USELESS!!!

TIT BITS: DESOLVE CURRENT BOGUS CONSTITUTION (MAY A COUP WITH A FOCUS TO DO ANLY THAT FOR GHANA FOR THE LOVE OF THE COUNTRY WOULD BE THE REALISTIC PRACTICAL WAY TO DISSOLVE THE CONSTITUTION NOW!!) & .. HAVE A NEW CONSTITUTION TAILORED TOWARDS MITIGATING OUR BAD HABITS & CHARACTERS, ATTITUDES, CORRUPT WAYS; LAND REFORMS - PUNITIVE TOWARDS ALL SOCIAL VICES LIKE DOUBLE LAND SALES E.T.C & JAILING THE CULPRITS - MOST EXPECIALLY THE GREEDY CROOKED CHIEFS TO PUT A STOP TO THIS CANCEROUS ACTIVITIES..... HAVE COMPLETED NATIONAL IDENTIFICATION SYSTEM TO PROVIDE DATABASE FOR REALISTIC BUDGETARY PREPARATION ON NATIONAL DEVELOPEMENT, HAVE A COMPLETED ADDRESS SYSTEM, HAVE A CONTROL AND EFFECTIVE/PUNITIVE SYSTEM THAT WOULD LET RESPECTIVE GOVERNMENTS WE WOULD HAVE THEN ON HAVE RESPECT FOR STATUTORY OBLIGATIONS, CHECKS ON DIFICIT FINANCE/LAW TO ENFORCE BALANCED BUDGET IN THE NEW CONSTITUTION, STRONG LAWS TOWARDS COMPLETION OF INFRASTRUCTURE DEVELOPMENT BEFORE NEW ONES ARE INITIATED (HAVING ALL 1950 - 2014 PROJECTS COMPLETED) AND ALL THE REALISTC HOLISTIC APPROACH TOWARDS NATIONAL DEEVELOPMENT!!!

WITHOUT THESE ABOVE IT IS ALL CHILDS AND STUPID PLAY & FOOLISH MANAGEMENT & NOTHING WILL GET DONE TO SOLVE GHANA'S COMPOUNDED PROBLEMS!!!
NBTT 9 years ago

Corporate Vultures Descend on Ghana

Fear is the key. To get African leaders to do America's bidding the State Department's Dirty Tricks organisations, namely the NSA and CIA go ruthlessly to work. In most countries the USA ...
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Corporate Vultures Descend on Ghana

Fear is the key. To get African leaders to do America's bidding the State Department's Dirty Tricks organisations, namely the NSA and CIA go ruthlessly to work. In most countries the USA already has infrastructure and networks in place that can be used if necessary to subvert and and stir up trouble for host countries. These are mostly innocent looking NGOs, think tanks whose budgets can be traced directly or indirectly back to the USA . Academic, Health and even some religious organisations have been infiltrated by these foreign intelligence organisations. Furthermore many of our influential media personalities,heads of professional bodies, journalist, corporate heads ,heads of important academic institutions,student leaders are sometimes recruited paid by these sinister foreign organisations.Political opposition leaders can come in useful and are often encouraged and funded by spy organisations to stir up trouble. All of these institutions are targeted and used by foreign intelligence organisations with access to generous budgets. THE USA MAY HAVE BEEN ANGERED BY THE TENDENCY OF THE CURRENT MAHAMA ADMINISTRATION TENDENCY TO CONTINUE TO TRADE AND DO BUSINESS WITH COUNTRIES LIKE CHINA NATURALLY AT THE EXPENSE OF A COUNTRY LIKE THE USA. THE TRUTH IS THAT COUNTRIES LIKE CHINA CONTINUE TO PRODUCE WHAT AFRICAN COUNTRIES AND OTHERS WANT.IN RETURN GHANA SUPPLIES THINGS CHINA NEEDS SUCH AS RAW MATERIALS. IN CONTRAST THE USA DOES NOT PRODUCE MUCH THAT A COUNTRY LIKE GHANA NEEDS OR WANTS. AMERICA THEREFORE SIMPLY RESORTS TO THREATS, COERCION AND ATTEMPTS TO BRING COUNTRIES UNDER ITS INFLUENCE BY OFFERING "LOANS" "DEVELOPMENT" AID INVARIABLY WITH STRINGS ATTACHED. A VERY IMPORTANT FACTOR WHICH HAS ENDERED THE CHINESE TO MANY DEVELOPING COUNTRIES IN AFRICA, ASIA AND ELSEWHERE IS THEIR EXCELLENT HABIT OF HELPING HOST NATIONS TO BUILD UP THEIR INFRASTRUCTURE SUCH AS ROADS ETC. DECADES AND DECADES OF CONTACT WITH WESTERN POWERS INCLUDING THE USA HAS NOT YIELDED SIMILAR RESULTS. IN SHORT WHILE OUR AMERICAN FRIENDS MAY SAY AND DO WHATEVER THEY LIKE THE TRUTH REMAINS THAT WESTERN COUNTRIES HAVE NOT BEEN OF AS MUCH USE TO AFRICA OR GHANA AS CHINA HAS BEEN.In an attempt to regain "lost ground" the State department in Washington is doing everything it can to lean heavily on African governments and where necessary even remove them (for example Muammar Gaddafi of Libya, who had massive trade with China).

FELLOW GHANAIANS JUDGE FOR YOURSELVES WHETHER ANY GOOD WILL COME OUT OF THIS SO-CALLED IMF LOAN. ALREADY I SEE CORPORATE AMERICAN VULTURES CIRCLING OVERHEAD AS GHANA IS BEING SLICED, DICED AND DISMEMBERED. EXPECT A FEEDING FRENZY AS THESE CORPORATE AND MULTINATIONAL PREDATORS DESCEND ON US. TO GIVE A CIVILISED APPEARANCE TO ALL OF THIS AFRICAN LEADERS ARE HAVING A "SUMMIT" WITH OBAMA IN WASHINGTON EVEN AS WE WRITE. PRAY. GHANAIANS PRAY AS NEVER BEFORE. PRAY THAT GHANA WILL BE ABLE TO ENDURE OR CAST OFF THE HEAVY YOKES ABOUT TO BE PLACED ON OUR NECKS.INFORMATION REVEALED HERE IS ALL PUBLICLY AVAILABLE AND SURPRISE SURPRISE FROM THE U.S.A. NOTHING BUT THE TRUTH (NBTT)CAN DELIVER US
Agyeman 9 years ago

Why don't we take all the cash,assets and all the 200k square kilometers of Ghana and divide between the 25m shareholders of Ghana and then call this nation a failed bad experiment? Give me my share of Ghana and i'll go set u ...
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Why don't we take all the cash,assets and all the 200k square kilometers of Ghana and divide between the 25m shareholders of Ghana and then call this nation a failed bad experiment? Give me my share of Ghana and i'll go set up shop in well run Rwanda,Botswana ro Singapore
Kanawu 9 years ago

The Western World, IMF and the World Bank can't be trusted. If they were to return all the funds that have been looted from Ghana's Coffers since JJ, Kuffour, Late Atta Mills and Mahama's times it will be enough to make Ghana ...
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The Western World, IMF and the World Bank can't be trusted. If they were to return all the funds that have been looted from Ghana's Coffers since JJ, Kuffour, Late Atta Mills and Mahama's times it will be enough to make Ghana the second richest Country in the world. They are playing politics with Developing Countries and it is their aim to keep us where we are. Bowl in hand begging all the time,
Masha 9 years ago

I feel sorry for the next generation because the government seriously messed things up for them.

I feel sorry for the next generation because the government seriously messed things up for them.
Sankofa 9 years ago

You are absolutely right!

The looting continues unabated through the underhand practices of foreign companies operating in our land and dubious agreements like EPA and the CBD loan.

The foreign powers have a stranglehol ...
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You are absolutely right!

The looting continues unabated through the underhand practices of foreign companies operating in our land and dubious agreements like EPA and the CBD loan.

The foreign powers have a stranglehold on our economy, and dictate to our government by forcing it to its knees.

We need to think of how to break free from these shackles of neocolonialism.

We must exploit our abundant natural resources ourselves for the benefit of all our people.
K.Gyasi 9 years ago

We are all we have.
We have to pit things right

We are all we have.
We have to pit things right
Voice of Reason 9 years ago

NO MERCY FOR DUMB MAHAMA ....A POPULAR UPRISING BY LONG SUFFERING GHANAIAN BEFORE THE ENDVOF THE YEAR WILL SEND DUMB AND CORRUPT MAHAMA PACKING FROM THE FLAGSTAFF IN DISGRACE....THE IMF CANNOT SAVE HIM

NO MERCY FOR DUMB MAHAMA ....A POPULAR UPRISING BY LONG SUFFERING GHANAIAN BEFORE THE ENDVOF THE YEAR WILL SEND DUMB AND CORRUPT MAHAMA PACKING FROM THE FLAGSTAFF IN DISGRACE....THE IMF CANNOT SAVE HIM
Voice of Reason 9 years ago

HE MUST NOT BE ALLOWED TO GET AWAY WITH THIS GARGANTUAN CRIME AGAINST NOBLE AND BLESSED GHANAIANS.....IT IS NOW ABUNDANTLY CLEAR THAT DUMB MAHAMA BRIBED HIS WAY TO THE PRESIDENCY JUST TO ENRICH HIMSELF, HIS FAMILY AND HIS CRO ...
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HE MUST NOT BE ALLOWED TO GET AWAY WITH THIS GARGANTUAN CRIME AGAINST NOBLE AND BLESSED GHANAIANS.....IT IS NOW ABUNDANTLY CLEAR THAT DUMB MAHAMA BRIBED HIS WAY TO THE PRESIDENCY JUST TO ENRICH HIMSELF, HIS FAMILY AND HIS CRONIES AT THE EXPENSE OF POOR GHANAIANS.....HE MUST PAY FOR THIS
The Trucker 9 years ago

Top Ten Reasons to Oppose the IMF

from Global Exchange

WHAT IS THE IMF?

The International Monetary Fund and the World Bank were created in 1994, shortly before the end of World War II, at a conference in Bretton Woo ...
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Top Ten Reasons to Oppose the IMF

from Global Exchange

WHAT IS THE IMF?

The International Monetary Fund and the World Bank were created in 1994, shortly before the end of World War II, at a conference in Bretton Woods, New Hampshire. Both institutions are now based in Washington, DC. The IMF was designed to promote international economic cooperation and provide its member countries with short term loans in order to trade with other countries (achieve balance of payments). During the 1980's, the IMF took on an expanded role of lending money to "bailout" countries during financial crisis. This gave the IMF leverage to begin designing economic policies for over 60 countries. Countries have to follow these policies to get the IMF's "seal of approval" to get loans, international assistance, and even debt relief. Thus, the IMF has enormous influence not only in structuring the global economy, but also on real-life issues such as poverty, environmental sustainability and development. The IMF is one of the most powerful institutions on Earth--yet few know what it is. 1) The IMF has created a system of modern day colonialism that SAPs the poor to fatten the rich

The IMF, along with the WTO and the World Bank, is directing the global economy on a path of greater inequality and environmental destruction. The IMF's and World Bank's "structural adjustment policies" (SAPs) ensure debt repayment by requiring countries to cut spending on education and health; eliminate basic foods and transportation subsidies; devalue national currencies to make exports cheaper; privatize national assets; and freeze wages. These policies increase poverty, reduce countries' ability to develop strong domestic economies and allow multinational corporations to exploit workers and pollute the environment.

2) The IMF caters to wealthy countries and Wall Street

Although industrialized countries have not borrowed from the IMF in twenty years, rich countries dominate decision making. Voting power is determined by the amount of money that each country pays. The U.S. is the largest shareholder with a quota of 18%. U.S., Germany, Japan, France and Great Britain together hold about 38% of the vote. Each of these countries appoints their own representative to the executive board, while other groups of countries elect a representative. The U.S. Executive Director is Karin Lissakers, and she works closely with Lawrence Summers and the U.S. Treasury Department to design policy for the IMF. The disproportional amount of power held by wealthy countries translates into decisions that benefit wealthy bankers, investors and corporations from industrialized countries at the expense of sustainable development. Is it a surprise that the IMF then uses its leverage over cash-strapped developing countries to force them to open up to powerful transnational corporations?

3) The IMF is imposing a fundamentally flawed development model

Unlike the path followed by most industrialized countries, the IMF forces countries from the Global South to prioritize export production over the development of a diversified domestic economy. Nearly 80% of all malnourished children in the developing world live in countries where farmers have been forced to shift from food production for local consumption to the production of crops for export to the industrialized countries. The IMF also requires countries to eliminate tariffs and provide incentives for multinational corporations - such as reduced labor and environmental protections. Small businesses and farmers can't compete with large multinational corporations, resulting in sweatshop conditions where workers are paid starvation wages, live in inhumane conditions, and are unable to provide for their families. The cycle of poverty is perpetuated, not eliminated.

4) The IMF is a secretive institution with no accountability

The IMF is funded with taxpayer money, yet it operates from behind a veil of secrecy. For the most part, members of affected communities do not participate in designing loan packages. The IMF works with a select group of central bankers and finance ministry staff to decide polices without input from other government agencies such as health, education and environment departments. Furthermore, the IMF has resisted attempts to open up to public scrutiny and independent evaluation. The IMF has made elites from the Global South more accountable to First World elites than their own people.

5) IMF policies promote corporate welfare

To increase exports, countries are encouraged to give tax breaks and subsidies to export industries. Assets such as forestland and government utilities (phone, water and electricity companies) are sold off to foreign investors at rock bottom prices. Some examples: In Guyana, an Asian owned timber company called Barama received a logging concession that was 1.5 times the total amount of land all the indigenous communities were granted. Barama also received a five-year tax holiday. The IMF forced Haiti to open its market to imported, highly subsidized U.S. rice at the same time it prohibited Haiti from subsidizing its own farmers. A US corporation called Early Rice now sells nearly 50% of the rice consumed in Haiti. Haitian farmers have been forced off their land to seek work in sweatshops, and people are poorer than ever.

6) The IMF hurts workers

Many SAPs require changes in labor laws, such as eliminating collective bargaining laws and lowering wages in order to provide conditions favorable to attracting foreign investors. The IMF's mantra of "labor flexibility" permits corporations to fire at whim and move where wages are cheapest. According to the 1995 UN Trade and Development Report, employers are using this extra "flexibility" in labor laws to shed workers, rather than create jobs. In Haiti, the government was told to eliminate a statute in their labor code that mandated increases in the minimum wage when inflation exceeded 10%. By the end of 1997, Haiti's minimum wage was only $2.40 a day, just one-fifth of the minimum wage in 1971 in real terms. Workers in the U.S. are also hurt by IMF policies by having to compete with cheap, exploited labor. Two years ago, the IMF's mismanagement of the Asian financial crisis plunged South Korea, Indonesia, Thailand and other countries into deep depression that led to the creation of 200 million "newly poor." The IMF advised countries to "export their way out of the crisis." Consequently, the dumping of Asian steel in U.S. markets resulted in the layoffs of over 12,000 steelworkers.

7) The IMF's policies hurt women the most

SAPs make it much more difficult for women to meet their families' basic needs. When education costs rise due to user fees, girls are the first to be withdrawn from schools. User fees in public health facilities make it unaffordable to those who need it most. The shift to export agriculture also makes feeding one's family increasingly difficult. Women have also become more exploited in the private sector workforce as regulations are rolled back and sweatshops abound. The general lack of economic opportunity has meant an increase in prostitution and other black market jobs and indentured servitude.

8) IMF Policies hurt the environment

IMF loans and bailout packages are paving the way for natural resource exploitation on a staggering scale. The IMF does not consider environmental impacts of lending policies; and environmental ministries and groups are not included in policy making. The focus on export growth to earn hard currency to pay back loans means unsustainable liquidation of natural resources. Government cutbacks inevitably target the environmental ministry as one of the first agencies to come under the budget axe. This happened with the bailouts of Brazil, Indonesia, and Russia--countries that are renowned for their great biodiversity.

9) The IMF bails out rich bankers, creating a moral hazard and greater instability in the global economy

The IMF pushes countries to dismantle trade and investment rules, as well as raise interest rates in order to lower inflation. The removal of regulations that might limit speculation has greatly increased capital investment in developing country financial markets. More than $1.5 trillion crosses borders every day. This capital is short-term, unstable, and puts countries at the whim of financial speculators. The Mexican 1995 peso crisis was partly a result of these IMF policies. When the bubble popped, the IMF and US government stepped in to prop up interest and exchange rates, using taxpayer money to bailout Wall Street bankers for their high-risk investment. This encourages investors to continue making risky, speculative bets, increasing the instability of national economies. Furthermore, during the bailout of Asian countries, the IMF restored rich people's profits while implementing policies that threw people out of work and increased poverty. Asian governments were required to assume the bad debts of private banks, thus making the public pay the costs and draining yet more resources away from social programs and real development.

10) IMF bailouts deepen, rather then solve, economic crisis

During financial crises, such as with Mexico in 1995 and South Korea, Indonesia, Thailand, Brazil, and Russia in 1997, the IMF stepped in as the lender of last resort to "bail out" countries with huge loan packages. Yet the IMF bailouts in the Asian financial crisis did not stop the financial panic--instead, the crisis deepened and spread to more countries. The policies imposed as conditions of these loans were bad medicine, causing layoffs in the short run and undermining development in the long run. In South Korea, the IMF sparked a recession by raising interest rates and lowering the currency, resulting in more bankruptcies, increased unemployment, and government spending cuts. Under the IMF-imposed economic reforms after the peso bailout in 1995, the number of Mexicans living in extreme poverty increased more than 50% and the national average minimum wage fell 20%.

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High Fidelity 9 years ago

Things are not going well for Ghana

Things are not going well for Ghana

Fitch: Ghana IMF deal not a foregone conclusion

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