Solomon Owusu, the Communications Director of the United Party, has told President John Dramani Mahama that the International Monetary Fund (IMF) does not build or develop nations.
The UP Communications Director urged the Mahama government to stop celebrating IMF endorsement and instead focus on long-term economic transformation.
According to him, the IMF is there to make sure countries remain a developing economy, not a transformed one.
His comments follow, President John Dramani Mahama saying Ghana has become a poster boy for the International Monetary Fund (IMF) and the World Bank.
President Mahama noted that Ghana’s progress in the last year has received international recognition and admiration from other African countries, which are now studying Ghana’s policy choices.
Speaking on the state of the economy during the 23rd Anniversary and Thanksgiving Service of the First Sky Construction Company on Sunday, January 25, President Mahama stated, “I have done this job before, and the crisis we faced was extremely difficult. In my own estimation, I thought it would take about two years to see an economic turnaround. But this is how far God has brought us”.
“We are all surprised and shocked at the speed of the recovery. Whenever I meet IMF and World Bank officials, they are amazed at what has happened in Ghana. Today, Ghana has become something of a poster boy for the IMF and the World Bank. Bringing inflation down from 23.8 per cent to 5.4 per cent within a year, and seeing the cedi appreciate by 37 per cent in the same period, can only be attributed to the grace of God,” the President added.
He added, “So when you go to other African countries, they say dont you see Ghana, don’t you see what Ghana has done. And that is why I say, it is by the grace of God.”
“In my own imagination, I thought that we would need about two years to begin to see a turnaround, that is what I thought, but Ebenezer, this is how far God has brought us,” he said.
However, speaking on JoyPrime on January 26, Solomon Owusu cautioned the government against prioritising IMF approval over structural economic reforms.
Solomon Owusu stated, “The IMF is not an institution that builds a nation or develops an economy. It is there to make sure we remain a developing economy, not a transformed one.”
“We invite the IMF when we are unable to deal with our problems. That is when they come in. What they bring is discipline and rules, like the agreement we signed in 2022.”
“The President should not be worried about being seen as an IMF poster boy. The real issue is what policies we are putting in place to move from stability to transformation.”
“The IMF does not encourage investment in strategic sectors. It serves the interests of the West, not countries like Ghana.”
“We must think differently. We need serious investment in manufacturing, pharmaceuticals, oil, and gas. That is how we can free ourselves from the IMF.”
Solomon Owusu further questioned why Ghana’s fiscal discipline appears achievable only under IMF supervision.
“Why can we be disciplined with the IMF but fail to be disciplined on our own?” he asked. “That shows we lack self-control.”
“We are still living in a medieval economy. That is why Ghana has gone to the IMF about 17 times. Until we change our mindset, the cycle will continue.”