IMF programme will be guided by past experiences – John Mahama

IMF programme will be guided by past experiences – John Mahama

President John Mahama has said Ghana will be guided by past experiences in the implementation of the International Monetary Fund (IMF) bailout programme.

Delivering a talk at the Institute of Politics, Kennedy School of Government at Harvard University in the United States, the President insisted that government’s talks with the IMF team is much guided by how past policies from the body impacted on the nation.

The IMF in 1983 partnered Ghana in implementing some structural adjustment programmes which some analyst say was largely not beneficial in improving the economic status of the country. The IMF in a release last Friday called for removal of subsidies on petroleum products and utilities and the reduction of the public sector wage bill.

 

Speaking on the theme: ‘Economic Governance in Unchartered Waters,’ the President maintained that the Ghana he is governing today is not the same Ghana which approached the IMF for assistance in 1983.

According to him, the nation has “learnt so much from our past and we are also using lessons of the past mistakes that have been made by others to guide especially in regards to our recent oil discovery.”

He further mentioned that the IMF Ghana is approaching today for assistance is an institution which has “broadened its vision and adopted a more holistic approach to the assistance that it offers.”

“In more fundamental ways, this has the potential to be an auspicious partnership,” he added.

Meanwhile, President Mahama has described as “exciting moments”, Ghana’s gradual transformation to become a full fledged middle income nation.

“This is an exciting time for Ghana, we are in the midst of a transformation; a metamorphosis from a middle income country into a fully fletched middle income country,” he remarked.

He however, warned that the transformation will be accompanied by some challenges which may seem “daring and at times feel daunting.”

The President appealed to Ghanaians must allow themselves “to succumb to it [transformation], to be shaped by it, allow it to lead us towards our greatest promise and that is a destination that can never be chartered; it can only be discovered through trial and error, it can only be discovered from learning from our past mistakes.”

 

By: Efua Idan Osam/citifmonline.com/Ghana