International Monetary Fund TUC wants government to abandon IMF programme now

Secretary-General, Kofi Asamoah, believes the deal has failed to address socio-economic needs of Ghanaians.

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John Mahama (left) and TUC Secretary General play

John Mahama (left) and TUC Secretary General

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The Trades Union Congress (TUC) has asked government to discontinue Ghana's programme with the International Monetary Fund (IMF), few months to completion of the programme.

Secretary-General, Kofi Asamoah, believes the deal has failed to address socio-economic needs of Ghanaians.

According to him, government must revert to home-grown fiscal policies of the Senchi Consensus, which he argues is a better alternative.

Speaking at the union’s 10th quadrennial delegates’ congress in Kumasi in the Ashanti Region, Kofi Asamoah said policies introduced under the IMF programme have brought untold hardships to Ghanaians.

“These policies are not working; Ghanaians are getting poorer every day under the IMF programme. We urge you and your government to abandon the IMF programme and revert to the home grown ones. IMF programmes have not worked anywhere and they will not work here,” he added.

play 10th quadrennial delegates’ congress


Kofi Asamoah further said the single spine pay policy has failed to live up to expectation.

“The implementation of a single spine pay policy brought some relief to public sector workers in terms of salary increases between 2010 and 2012. Since 2013 however, public sector workers have been experiencing a decline in real value of their pay because the rate of increase of the base pay on the single spine salary structure has consistently left behind inflation.”

“We appreciate the economic challenges in the last few years but we can no longer accept a situation where public sector workers at the bottom of the salary scale are being driven into poverty because of the IMF programme. There is a limit to what ordinary workers can endure,” he added.

However, in response to the TUC, President John Mahama said the IMF bailout is the ultimate for the country.

He said government will resort to home-grown policies only upon completion of the IMF program, which he says may be the last one for Ghana.

“I wish to reiterate my earlier statement that is our ultimate IMF programme. We are almost there. We will finish hard. Next year is the last year of the programme and we will go back to Kofi [TUC Secretary General] home-grown fiscal policies.

"I wish to reiterate my earlier statement that this is our ultimate IMF programme. This is the ultimate IMF programme to end all IMF programmes,” President Mahama said.

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