This IMF bailout is different from the 17 other bailouts – Bawumia

Vice President of Ghana Dr. Mahamudu Bawumia has indicated that this is a new Ghana going to the International Monetary Fund for bailout.

He explains that in all the 17 times Ghana has gone for IMF bailout, the country hadn’t seen the sort of transformation the country has seen under the current government.

“I should note that Ghana has gone to the IMF for a program 17 times since independence and after each IMF program, the underlying system and structure of the economy remained the same. After each of the 17 IMF programs: • Ghana had no National ID Card • No functioning National Digital Property Address System • Only 30% of the adult population had bank accounts • Inefficiency, bribery and bureaucracy at the ports.

• Ghana had no National ID Card • No functioning National Digital Property Address System • Only 30% of the adult population had bank accounts

• Inefficiency, bribery and bureaucracy at the ports

• Bureaucracy and corruption in the delivery of government services

• No digitization at the Passport Office, DVLA and Births and Deaths registry

 • No motor insurance database • No credit scoring by credit reference agencies • Less than 4% of the population had tax identification numbers

• There was no integration of the databases of the GRA, SSNIT, CAGD, NHIS, GHS, Passport Office, DVLA, Police, Immigration, Bank accounts and SIM Cards with a unique identifier

• There were no drones to deliver medical supplies

 • No Universal QR Code Payment System

 • No national scale E-Pharmacy

• No Unified Common Platform for Property Taxation

• No Gold Purchase program by the Bank of Ghana with a first right of refusal by the central bank for all gold mined in Ghana

• No Focus on TVET education.

• No industrial policy like IDIF

 • No overarching agricultural policy like planting for food and jobs • No Free SHS”.

He continued “We are talking now about a different Ghana. A Ghana that is being rapidly transformed. The underlying systems are being dramatically changed through digitalization and other policies that would transform the structure of the economy”.

The Vice President indicated that “With enhanced fiscal discipline and structural reforms to
restore debt sustainability and growth, we should emerge stronger than we have with the previous 17 IMF programs”.

Mynewsgh/Disclaimer

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