Socialist Forum Of Ghana (SFG) On Dealings With The International Monetary Fund
Ladies and Gentlemen of the media, on behalf of the Socialist Forum of Ghana (SFG) I would like to welcome you all to this press conference. Our objective in organizing this event is to share our views on the new three-year austerity programme agreed between the Government of Ghana and the International Monetary Fund (IMF). The Principal concern of the SFG is that not enough information has been available to the people of Ghana on this deal between the Government and the IMF.
We have been told generally that the new programme will last for three years ending in 2017 and would entail the reform of some public sector organizations including the Electricity Company of Ghana (ECG). Under the programme the IMF is also expected to make available to the Government of Ghana credit of up to US$ 950 million. As a fact public discussion of this deal has been greatly hampered by lack of information and transparency. Indeed, the full terms under which the Electricity Company of Ghana is allegedly being handed over as a concession to a foreign firm have not been disclosed.
There are also suggestions that the deal entails the review of the prices of petroleum products every two weeks and the full deregulation of the utility sub-sector. Over the last four weeks, the implementation of the deal with the IMF has allegedly led to significant increases in the prices of petroleum products and utility tariffs with their ripple effects throughout the economy.
The SFG is alarmed by these developments especially in the light of the history of deals between the Government of Ghana and the IMF and the World Bank. Ghana embarked on the neo-liberal path with disastrous consequences in 1983. Since then the national currency has been devalued by more than 28,000 percent, more than 300,000 workers have lost their jobs and close to 400 state enterprises have been completely destroyed.
The Government of Ghana has also withdrawn subsidies on agriculture and limited access to such social services as education and health. Interestingly, these draconian measures have not in any way led to improvement in the national economy. Ghana continues to be a dependent.
Ghana is a neo-colony which has lost total control of its natural resources to multi-national corporations from the colonial metropolis. Currently, the level of unemployment is estimated to be very high, the cedi is exchanging at GHc3.80 per dollar and utility bills, transport fares and food prices continue to rise.
The SFG demands greater transparency in the Government’s dealings with the IMF and all such institutions to enable the people of Ghana have an informed basis for the discussion of the state of the economy and the future of the nation. In this connection we demand full disclosure of contents of the agreement with the IMF and all such institutions. These agreements are about us and our future and the people of Ghana deserve to know the full facts.
Signed And Read By:
Mr. Kwesi Pratt Jr. +233 244 379 344
For: Convenor
Source: Socialist Forum Of Ghana (SFG)
Published: Friday, July 10, 2015
We have been told generally that the new programme will last for three years ending in 2017 and would entail the reform of some public sector organizations including the Electricity Company of Ghana (ECG). Under the programme the IMF is also expected to make available to the Government of Ghana credit of up to US$ 950 million. As a fact public discussion of this deal has been greatly hampered by lack of information and transparency. Indeed, the full terms under which the Electricity Company of Ghana is allegedly being handed over as a concession to a foreign firm have not been disclosed.
There are also suggestions that the deal entails the review of the prices of petroleum products every two weeks and the full deregulation of the utility sub-sector. Over the last four weeks, the implementation of the deal with the IMF has allegedly led to significant increases in the prices of petroleum products and utility tariffs with their ripple effects throughout the economy.
The SFG is alarmed by these developments especially in the light of the history of deals between the Government of Ghana and the IMF and the World Bank. Ghana embarked on the neo-liberal path with disastrous consequences in 1983. Since then the national currency has been devalued by more than 28,000 percent, more than 300,000 workers have lost their jobs and close to 400 state enterprises have been completely destroyed.
The Government of Ghana has also withdrawn subsidies on agriculture and limited access to such social services as education and health. Interestingly, these draconian measures have not in any way led to improvement in the national economy. Ghana continues to be a dependent.
Ghana is a neo-colony which has lost total control of its natural resources to multi-national corporations from the colonial metropolis. Currently, the level of unemployment is estimated to be very high, the cedi is exchanging at GHc3.80 per dollar and utility bills, transport fares and food prices continue to rise.
The SFG demands greater transparency in the Government’s dealings with the IMF and all such institutions to enable the people of Ghana have an informed basis for the discussion of the state of the economy and the future of the nation. In this connection we demand full disclosure of contents of the agreement with the IMF and all such institutions. These agreements are about us and our future and the people of Ghana deserve to know the full facts.
Signed And Read By:
Mr. Kwesi Pratt Jr. +233 244 379 344
For: Convenor
Source: Socialist Forum Of Ghana (SFG)
Published: Friday, July 10, 2015
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