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Fiscal Policy Abandon IMF programme, TUC boss tells Mahama

Ghana in 2015 signed onto a three-year aid package with the IMF to among other things ensure fiscal consolidation, policy credibility and stability of the economy.

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Kofi Asamoah play

Kofi Asamoah

The General Secretary of the Trades Union Congress (TUC) Kofi Asamoah has called on the government to abandon the International Monetary Fund deal, saying it has made workers poorer.

Ghana in 2015 signed onto a three-year aid package with the IMF to among other things ensure fiscal consolidation, policy credibility and stability of the economy.

Mr Asamoah said at the 10th Quadrennial Delegates Congress of the TUC in Kumasi that the IMF policies are not working and “have never worked anywhere.”

He said “Ghanaians are getting poorer every day under the IMF programme. We urge you and your government to abandon the IMF programme and invest in the home grown policy,” to loud cheers.

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The extended credit facility with the IMF will end next year, but before it does, the release of the third tranche has been delayed.

Talks have however resumed for the release of the funds after investors abandoned Ghana’s fifth Eurobond, and parliament rejected zero financing of the central government by the Bank of Ghana.

In a hard-hitting speech Wednesday, August 10, 2016, Mr Asamoah said workers can “no longer accept a situation where public sector workers at the bottom of the salary scheme are being driven into poverty because of the IMF programme.” 

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