Ghana Beyond Aid still on course – Finance Ministry
Contrary to claims that the government has abandoned its agenda of developing a Ghana beyond aid by seeking a bailout from the International Monetary Fund, the Finance Ministry says the plan remains on track.
The government will begin engagement with the International Monetary Fund (IMF) today, July 6, 2022, to provide support for a program to reverse the country’s economic challenges.
The country is faced with high debt, low revenue, rising inflation, steep depreciation of the cedi against other major currencies, and a general rise in the cost of living attributed to external factors such as the Russia-Ukraine war and the COVID-19 pandemic.
The government had indicated that it wasn’t considering a program from the Bretton Wood institution after 16 bailouts from past governments.
However, after a Cabinet meeting on Thursday, 30 June 2022, President Akufo-Addo gave the green light for interactions to commence.
After the announcement, many Ghanaians have questioned the government’s commitment to developing a Ghana beyond aid but the Ministry of Finance has debunked that assertion.
In a statement, the Ministry stated that the government has not abandoned its pursuit of a Ghana Beyond Aid. It explained that Ghana is only returning to the IMF because the world has been hit with major shocks that have also affected the country.
“Countries go to the IMF for support when they face challenges and want the needed support to undertake its economic program but lack the required funding,” part of the statement read.
The Ghana Beyond Aid was a vision of President Nana Addo Dankwa Akufo-Addo to build a Ghana where everyone has access to education, training, and productive employment; where no one goes hungry and everyone has access to the necessities of life including good health care, water, sanitation, and decent housing in line with the Sustainable Development Goals (SDGs).
It focused on values, mindset, and attitudinal changes that condition the environment for pursuing development, rather than a list of projects to be implemented.
Through the initiative, President Akufo-Addo’s vision was to ultimately transform Ghana into an aid-free country.
However, with the continuous borrowing which has raised Ghana’s total debt stock to some GH¢391.9 billion as of March 2022, there are submissions that the Ghana Beyond Aid mantra is only a slogan for political expediency especially as the country has returned to the IMF for economic assistance.