Former Deputy Finance and Economic Planning Minister under the erstwhile Mahama administration Mona Quartey says she was not in support of the decision to seek financial help from the International Monetary Fund (IMF).
Speaking on the Starr Woman Show , Quartey said: “left to me alone, we wouldn’t have gone through the IMF programme even though we needed it for the credibility in order to issue a bond. I wouldn’t have, because I thought there were other ways we could have turned the economy around.”
Ghana in 2015, entered into an agreement with the International Monetary Fund for economic assistance under the Extended Credit Facility. The deal concluded with a funding support of 918 million dollars to help the country’s medium-term economic reform programme. The current government has also extended the programme to 2019.
Speaking on the lessons learnt from being in opposition after the humiliating 2016 election defeat, Quartey said: “Some of them I think, would be listening to the people more, if you could recall, before we went into the IMF programme, myself and the late Vice President Amissah-Arthur had mentioned that Ghana was not going into the IMF programme.
“We were so sure that with discipline, the homegrown policies could work and turn the economy around. That is one of the programmes that even though I worked through it, is not something that I would have on my own, but I must remember I don’t work alone.”
Disappointing economic performance
On the economic performance of the current administration, Quartey said it has been disappointing thus far.
“I think that for the kind of promises that our President made, I expected so much more. For example, I was very excited about the Zongo Development, but I haven’t seen any real Zongo Development.
“Again, the one district one factory I thought was exciting, even though I wondered how that would be funded, but you know, there is wisdom in counsel so let’s see what they would do differently, after all, Ghana belongs to all of us,” she stated.
“I think that the President may be doing his best, but unfortunately his best may not be enough because of some of the manifesto promises and some of the policies that they try to bring up and is working against them,” she added.
Ghana right track in terms of foreign policy
That notwithstanding Quartey expressed delight in President Akufo-Addo’s foreign policies.
“I think the president is doing a great job in terms of foreign relations, for us to have the German Chancellor in Ghana was great, I absolutely liked that. I think the president is going out on all fronts seeking investments which former President Mahama did and he is continuing and I think he is doing a great job with that, trying to get other nations to leverage and do the things that we want to do.”
She asked President Akufo-Addo to be a skilful negotiator, ensuring that agreement entered into benefits the ordinary Ghanaian.