Ghana’s New Deal with IMF the Game Changer?

Ghana government leadership lead by Ken Ofori-Atta, is said to have entered a 3-billion-dollar deal with IMF and received initial tranche of $600 million.
In previous episode of The Hot Seat, the host EAMN outlined the disadvantages of engagement and agreement with IMF. Ghana’s developmental and infrastructural deficit seems to point towards the disadvantages attributed to IMF if not possibly due to leadership corruption, financial malfeasance and mismanagement of public funds.

However, Prof Joseph Stiglitz a Nobel prize winner and an economist said “IMF is the primary culprit in the failed development policies implemented in some of the world’s poorest countries” – This statement bears resemblance of Gnana’s developmental predicament.

This is the republic of Ghana’s 17th engagement with IMF and The Hot Seat is concerned especially as there is no meaningful evidence of development across all sectors over the years save for evidence of abandoned strategic economic projects.
Above all, an American economist Prof Michael Hudson made a striking statement in 2022 “IMF and World Bank is the most EVIL institutions in the World”
Prof Hudson is a professor at the university of Missouri in Kansas City, an author, a researcher, a former wall street analyst, political consultant, a commentator and a journalist.

Prof of Hudson made some mind-boggling statements of grave concerned that The Hot Seat thinking Ghana and its leadership should not take for granted.

• America is never going to pay its debt – its debt is in its own currency and America have to do is print it.
• You are assassinated for growing your own food – could the treat of assassination be the reason Ghana’s leadership makes some unreasonable domestic and international decisions?
• African nations must buy their grains from European Union and USA – no wonder Ghana’s leadership has been shouting from the mountain top since they start of the NATO proxy war with Russia – Ukraine and Russia.
• Wrote a book on imperialism and the CIA ransacked it all.
• It African countries refuse to do what USA wants them to do, they will be starved.
• USA tried the similar behaviour with China in the 1960s.
  It is painfully baffling that Ghana a country with endless arable land should rely on EU and USA for her survival.

The Hot Seat is wondering what the difference between China’s leadership and Ghana’s leadership. Reason been that China had dealings with IMF and received aids from the west in billions yet look at China now.

China’s IMF loans and aids from the west contributed towards its transformation into the second largest economy.
What did Ghana use IMF loans and western aids for? If China and other nations could use IMF and western engagement to support development in their countries, why it is different with Ghana?
Prof Ama Ata Aidoo said, “everything the west is, is us” – Referring to raw materials from Ghana and Africa to the west for their development.

The Hot Seat stated “the western economy and economics is set up to disadvantage Ghana and African”
If dealing with IMF and World Bank is indispensable, why can’t Ghana and its leadership outsmart the economic servitude system, IMF and World bank have in place for their benefit like China and other countries did to become the economic giants they are today?
What exactly is Ghana’s problem?

• Lack of patriotism from our leaders and the populace?
• Unfounded education system fashioned without Ghana in mind?
• Selfish mentality and mindset?
• Traditions, tribalism or partisan politics?
• Corruption driven by wickedness.
  Why can’t Ghana make good of the World Bank, IMF system, western Aids? Even better, why can’t Ghana make good of our endless natural resources that forms the backbone of other nations around the world?

The Hot Seat – NSG News