IMF/WB is integral part of NDC because anytime they are offered an opportunity to rule this nation, they hand it over to the IMF/WB. The first time in 1983, under JJ, over 200 SOEs and Assets were disposed off, state subsidies were taken off and several hundreds of Thousands lost their jobs under ERP. The situation got so messy that PAMSCAD was later introduced to water down the excruciating effect of ERP. Then Prof Mills also took Ghana back to the WB after Kufuors NPP Govt had weaned us off this colonial control. Mills did because he had made a strategic mistake of implementing single spine without ensuring increases in Govt spending and cost comes with productivity and incomes improvements. WB gave us $602million debt to stabilize the enocomy. In the end, debt began to pile up burdening agovt. Deceived by oil receipts, JM Govt also went on borrowing spree to finance fiscal govt deficits instead of cutting coat according to size. Today, interest on debt is 4x oil income. Facing eminent bankruptcy, JMs Govt has turned to contracting more Eurobond debt for short term stabilization of the Cedi and IMF for a two year relief! If we vote for NDC again - one thing for sure, IMF/ WB will continue harassing our lives. Please save mother Ghana!
Posted on: Sun, 05 Oct 2014 05:36:18 +0000
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