Former Deputy Finance Minister and Nhyiaeso MP, Stephen Amoah, has defended the decision by the previous Nana Akufo-Addo administration to seek support from the International Monetary Fund (IMF), attributing the move largely to the economic impact of the COVID-19 pandemic and the Russia-Ukraine war.
His comments come after Ghana’s transition from the IMF-supported bailout programme to the Policy Coordination Instrument (PCI) under the current administration, effectively ending the country’s formal lending arrangement with the Fund.
Speaking on Citi FM, Dr. Amoah rejected suggestions that Ghana’s economic challenges were caused solely by policy failures under the former government.
According to him, the economy had shown signs of stability and growth before global events disrupted economies worldwide.
“The severity that actually drove us to the IMF was COVID and the Russia-Ukraine war because in the first three years we were growing on average, inflation was 7%, and our reserves were stable,” he said.
Dr. Amoah argued that the Akufo-Addo administration implemented several social intervention programmes backed by what he described as prudent economic management.
“We were running one of the most enviable pro-poor policies as a result of prudent economic management, so we were doing well,” he stated.
The former Deputy Finance Minister further noted that Ghana’s economic difficulties are rooted in deeper structural issues, including import dependence and recurring fiscal pressures that have affected successive governments.
He also maintained that steps had already been taken by the previous administration to steer the economy towards fiscal consolidation before leaving office.
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