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Opinions of Tuesday, 5 July 2022

Columnist: Thomas Hughes Amissah

IMF does not impose conditionalities

Thomas Hughes Amissah, Writer Thomas Hughes Amissah, Writer

The policy adjustment required by IMF to ensure what created the “problem” that requires IMF support is what we term Conditionalities. These conditionalities are put in place to ensure a member country will be able to repay the IMF loan and bring back the country on a right track.

The main responsibility of a member country seeking for IMF support includes selecting, designing and implementing policies to make the program of support by IMF successful.

Conditionalities are designed by member countries and monitored by IMF to ensure the facility extended to member countries is safeguarded.

The important thing which Ghana should do is to have a competent team to be able to negotiate well but not the Ken Ofori Atta and Wontumi team. IMF is a serious institution and Ghana should use the best of its Human Resources to ensure some conditionalities set by us due to panic do not come back to hurt us.

I suggest the following as part of our conditionalities:

1. freeze on the construction of the National Cathedral.

2. Passage of the tax exemption bill

3. A freeze on the disbursement of funds to the 1D1F projects.

4. A proper review of Free SHS to make way for people who can afford to pay fees for their wards to do.

5. A freeze on agenda 111 though that project is yet to see any concrete action.

6. A cut-off of the Office of President's Budget or legislation to control the allocation to the office eg. 1% of GDP

7. Scrapping of E-levy

8. Constitute a more competent team to negotiate on our behalf.

Quoting scriptures from the bible and wearing of white apparel is definitely not the way to our financial rescue.

The government must eat the humble pie and seek for experienced hands in this critical period is, indeed, the beginning of our restoration journey.