IMF deal extension will cost NPP in 2020 - Kennedy Agyapong warns

New Patriotic Party (NPP) firebrand, Kennedy Agyepong has warned that the current government is in trouble politically if it extends the Extended Credit Facility (ECF) with the International Monetary Fund up to 2018.

According to him, the restrictions borne out of the conditionalities is dangerous for the New Patriotic Party (NPP) because Ghanaians are suffering and their plight cannot be ameliorated because of these harsh terms signed on by the government.

“We have a lot of restrictions and it is not business friendly. During the era of President Kufuor we managed to cut them off and we survived. There were two things they kicked against but he went ahead and implemented them. National Health Insurance Scheme was one of them and when they realized it was getting successful, they tried to come back”, he revealed on Adom TV.

He observed that other bodies are willing to invest in the country but because the country has signed onto the IMF deal, it is difficult for such investors to come in.

“There are a lot of avenues out there. When anyone takes your profile, he looks at the amount you are entitled to under the World Bank conditionalities and gets disappointed. As a nation we cannot do two billion dollars just because of world bank”, he observed.

“The World Bank and the IMF conditionalities won’t help Ghana in anyway. These whites will only end up suppressing us with harsh conditions. I know Nana Addo is not happy about it but his ministers surrounding him are being difficult and pushing for this deal.

“If we should continue this deal till the 2020 elections, then we (NPP) will be in big trouble and can cost us the 2020 elections and so the President should act fast” he warned.

Ghana entered into the three-year program with the IMF on April 2015 for a total amount 918 million US dollars which was expected to be disbursed in eight equal tranches.

The programme aims at restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation while protecting social spending.