We can’t fix economy in 2yrs; my eye is beyond 2016 President John Dramani Mahama has disclosed that the economic transformation agenda of his government cannot be achieved within two years, stressing that, any actions with regards to the IMF negotiations will go beyond the election cycle. “The transformation agenda cannot be achieved in two years, and so any actions well start with regards to negotiations with the IMF will go beyond the election cycle, the President told The African Report recently in an interview. President Mahama continued: My eye is beyond 2016. Government is not looking for a short-term fix to the budget deficit. The IMF talks were about wider economic restructuring and reforming institutions, not simply a bailout.” The economic transformation agenda initiated by the government was foremost to help improve and stabilise the Ghanaian economy by transforming it from one that is heavily dependent on imports, as well as the wholesale exportation of raw materials that do not fetch adequate revenue for the country. Whatever Mahama thinks about the value of the IMF deal, senior officials in his party have their eyes overwhelmingly on the 2016 elections. The government of President Jerry John Rawlings axed tens of thousands of civil service jobs in the 1980s and 1990s when it secured a series of loans from the IMF and the World Bank. There are now concerns about how that $1bn IMF cash would be used. Ken Ofori-Atta, Executive Chairman of financial services company Databank and member of the opposition New Patriotic Party said he is worried about the signals a new IMF deal will send.
Posted on: Mon, 27 Oct 2014 19:52:54 +0000
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