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You call yourself economic strategist but go to IMF — Kennedy Agyapong slams Bawumia

The Member of Parliament for Assin Central, Kennedy Agyapong has categorically stated that the New Patriotic Party (NPP) will lose the 2024 general elections after going to the International Monetary Fund (IMF) for a bailout.

Kennedy Agyapong

During his campaign tour in Kintampo East on Sunday, July 16, 2023, the maverick politician who's vying for the NPP as flagbearer in the 2024 elections expressed his dissatisfaction with the depreciation of the Cedi under the government.

He said the value of his $40 million in Cedi equivalent had decreased to $16 million over five months, spanning from March to August 2022.

He believes the NPP going to the IMF is just like handing over power to the National Democratic Congress (NDC) without a contest.

The Assin Central MP reiterated further that those who will take the NPP to the IMF cannot be the same people or faces that will lead the party to break the eight.

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He alluded to Vice President Dr. Mahamudu Bawumia who leads the economic management team seeking budgetary support from the IMF and still claiming to be a "strategist".

"We will have troubles if we don't do a clean campaign because I will reply to every claim made against me. You call yourself a strategist but when we were taking over power the dollar was GH¢4, today one dollar is GH¢12 and yet you call yourself a strategist.

"In March 2022 I had 40 million dollars in Cedi equivalent, in August 2022 the value of the 40 million dollars had dropped to 16 million," he stated.

He indicated that he would be a more effective custodian of the economy compared to his competitors.

The IMF approved a $3bn loan to Ghana after China agreed to a crucial debt restructuring that is vital to resolving Accra's long-running economic and financial crisis.

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The approval, which will immediately release $600mn, caps the first stage of a prolonged saga over the $63bn of external and domestic debts that Ghana ran up over the past 15 years.

The IMF's decision to move ahead with the bailout will be welcomed by other countries struggling to reach agreements with their lenders over how to deal with debt woes.

The programme is based on the government's Post-COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

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