Ghana’s Trade and Industry Minsiter Hon Alan Kyerematen has watered down fears of further economic paralysis with detailed explanation of government’s transformation and recovery program.
The seasoned politician, who is a specialist in the Trade and Industry sector, detailed the road map to recovery ahead of an imminent bailout from the International Monetary Fund (IMF).
In a hugely educative chat with Paul Adom Otchere on Metro TV’s Good Evening Ghana (GEG) program, Hon Alan Kyerematen chronicled government’s recovery program in the precovid and post COVID-19 era only for uncontrollable external forces to send the economy crumbling.
Describing the causal factors as force majoure the Trade and Industry Minsiter pointed to the positive growth of the economy between 2017 and 2019 as enough reason to trust the leadership of the government to sail through the latest bailout.
Hon. Kyerematen explained that the factors that took the current government to IMF and that of the erstwhile NDC are completely different and that the already existing program tabled by the government will lessen the burden on Ghanaians.
According to the Hon. Minister , the IMF is there to assist member states that needed technical and or financial aid to help then to stand on their feet again.
In his opening speech on the Good Evening Ghana programme hosted by Paul Adom Otchere, the Minister said “there is the need to discuss this issue (Ghana’s negotiations with the IMF) dispassionately and with real facts”.
He then highlighted the tangential growth of the economy that saw the economy shore up reserves at the Central bank , taming inflation , reducing debt to sustainable levels and creating trade surplus which resulted in more exports over imports in the first 18 months of the government.
To confirm the causal factors of the sudden crumble in the economy, the Trade and Industry Minsiter said external forces should be blamed for the sudden crudhing down of an economy which as recent as such as May 2021, was showing signs of upward growth and resilience.
When asked what could be the main cause of Ghana’s return to the IMF despite initial claims by members within government that the country was not heading to IMF again , Hon Kyerematen cited the impact of COVID 19 and the Russian invasion of Ukraine and its effects on economies throughout the world.
The Minister did not mince words in describing the causal agents to Ghana’s slow economic growth as exogenous but was quick to explain government’s proactive plans to curb it.
With over 100 counties seeking for bailout from IMF, the Trade and Industry Minsiter raised hopes for Ghanaians with detailed economic transformation plan led by Industrial and Agricultural emancipation.
With some government flagship programs aimed at expanding the Industrial ecosystem, the Hon Minister remained optimistic Ghana will sail through the IMF scheme with ease.
Referring to such innovative programmes as the 1D1F, the Minister said a total of 296 companies at various stages of completion whiles 125 are operational.
He alluded to the fact that both NDC and NPP needed the IMF at various points to manage to the economy but did explain that systematic decline in the economic indicators took NDC to IMF whiles exogenous factors hauled this current government before the donor body.
Ghana has already started the process of getting a two billion dollar package from IMF to help complete the economic revival package put together by the Economic Management Team (EMT).
When pushed to the wall on his Presidential ambitions, the Trade and Industry Minsiter opted to relegate that for now in the supreme interest of getting Ghana across the turbulent times.
By: Saani Abacha
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