According to Michael Okyere Baafi, Member of Parliament for New Juaben South, relying on the International Monetary Fund (IMF) for a bailout signifies that we are unable to manage our own economy and that they should come to our aid.
Making the case for Ghanaians and the Minority in Parliament to adopt the Electronic Transaction Levy Policy, the congressman stated that going to the IMF for a bailout to improve the country’s stumbling economy would be a poor move.
Michael Okyere Baafi told reporters in Koforidua that even if Ghana goes to the IMF, the Breton Wood institution will not send experts to meet with the Ghanaian delegation, instead sending “little guys” to meet with Ghana’s high-level economists.
“As soon as you announce you’re going for a bailout, as soon as you make that decision, do you know who they’ll bring?” They are not bringing their expertise with them.
“A few months ago, the Deputy Finance Minister told me that all the IMF meetings they’ve held – high-level meetings – little small lads will come and make decisions.” Young small boys will approach you and say, “Hey Ghana, do this.”
“When you tell them you can’t manage your economy well and that they should come in and bail you out, they’ll say, ‘OK, we can give you the first tranche of $1 billion to stabilize your economy.’ But there are a lot of things you don’t need in this country that you’re doing unnecessarily with the 1b we’re giving you.
“So they’ll advise you that the first thing you should do is cut your coat to fit your size,” he explained.
One of the primary requirements the IMF’s “small boys” would impose, according to the New Juaben MP, would be for the government to revoke the Free Senior High School, which is merely a political decision and not a constitutional policy.
He went on to say that the IMF conditionality would force the government to scrap the Nation Builders Corps (NABCO) and reduce employment across the board.
He questioned, “Why should we go to the IMF, receive loans, and suffer so much?”
As a result, Michael Okyere Baafi urged Ghanaians to see the E-Levy Strategy as a homegrown policy that will allow Ghana to handle its own affairs without relying on foreign aid, which comes with strings attached.
