May 30, 2024

Asantehene Otumfuo Osei Tutu II has slammed the government for their request for a $3 billion bailout from the International Monetary Fund (IMF) to support Ghana’s economic recovery.

According to him, if the government comes to a point to understand their position in the country and give the private sectors the mandate that requires them to run certain companies, they can bring more investors to the country to enhance development.

He said allowing the private sector to operate fully will create more jobs and incease Gross domestic product (GDP) to which will discourage the government to seek IMF bailout.

“VRA and all these are all government establishments, let’s give to a private sector and then we get money there, GRIDCo and others are all for the private sector. Let’s give them the money, get qualified people and let them do it. Electricity company is in a situation we don’t know about but that also must be given to the private sector, why are we still holdig it when we don’t have the money? We are not even able to collect all the taxes that we want. We are going to the IMF for money and all those things, we are hanging out in industries we can not maintain and run” The Monarch of Ashante Kingdom said this when Genser energy commissioned a power plant in Anwomaso in Kumasi, the Ashanti Regional capital.”

According to the Monarch of the Ashante Kingdom, it is about time Ghanaians face realities and decide on what the government should do and what the private sector should also do.

“Is about time we face realities and decide on what the government should be doing and what the private sector should be doing. This is a testimony of the private sector so that is how we have to be looking at it to attract more of these investments to the private sector so we can do it” Asantehene said.

The International Monetary Fund (IMF) in 2023 approved Ghana’s request for a $3 billion bailout to support Ghana’s economic recovery.

Ghana has received the sum US$1.2bn of the loan.

Meanwhile, Mr. Abebe Aemro Selassie, Director of the African Department at the International Monetary Fund (IMF) has said Ghana will receive the third tranche of US$360 million when the IMF Board meets in June 2024 for the country’s second review program, even without reaching an agreement with the creditors.

The opposition National Democratic Congress (NDC) has also criticised the government for the IMF bailout.