The Director of Labour Research and Policy Institute at the Trades Union Congress (TUC) fears the government’s decision to seek financial support from the International Monetary Fund (IMF) may not augur well for workers.
According to Dr Kwabena Nyarko Otoo, previous IMF interventions have not been able to sustainably address the country’s economic challenges, as such a move will only worsen the country’s growth.
“IMF programmes do not offer any lasting, durable solutions to the country’s problems. They will scratch on the edges of the problem. The fundamental problem of the country will remain after three/four years of implementation.
“IMF programme as we have always known them will impose needless hardships on Ghanaians and in the end deliver nothing substantial by way of improving our economic challenges,” he said.
Since news broke that President Akufo-Addo has directed the Financial Minister, Ken Ofori-Atta to engage the Fund, the opinions of the nations have been divided.
As some Ghanaians kick against the move, others believe assistance from the Fund is crucial to resuscitating the economy in the wake of the economic crisis.
However, speaking on JoyNews’ The Probe, Dr Otoo said the Fund is not the one-stop to all the economic problems of the country.
Describing the IMF move as unfortunate, the Director believed that a homegrown alternative will be more prudent to revamp the ailing economy.
“We do not think that the IMF offers us the solutions to the myriad of problems that we face in this country. We have been there 16 times so going there again is like doing the same things and expecting different results. We think that that shouldn’t be the route we should take.
“For us it is unfortunate and it is a tragic mistake on the part of government to unilaterally decide to engage the IMF,” he said on Sunday.