Former Deputy Finance Minister Stephen Amoah has defended the previous Akufo-Addo administration’s decision to seek assistance from the International Monetary Fund (IMF).

He attributed it largely to external economic shocks triggered by the COVID-19 pandemic and the Russia-Ukraine war.

The Member of Parliament for Nhyiaeso's remarks come in the wake of Ghana’s transition from the IMF-supported bailout programme to the Policy Coordination Instrument (PCI) under the current administration, marking the end of the country’s formal lending arrangement with the Fund.

Speaking on Citi FM on Monday, May 18, Dr Amoah rejected the assertion that Ghana’s economic difficulties were solely the result of domestic policy failures under the previous government.

He argued that prior to the global disruptions, the economy had shown signs of stability and steady growth.

“The severity that actually drove us to IMF was COVID and the Russian-Ukraine war because in the first three years we were growing on average, our inflation rate was 7%, our reserves, everything,” he said.

Dr Amoah maintained that the country had been implementing social intervention programmes supported by what he described as prudent economic management, which reflected relative macroeconomic stability at the time.

“We were running one of the most enviable pro-poor policy as a result of prudent economic management, so we were doing well,” he stated.

He further explained that Ghana’s economic vulnerabilities are rooted in long-standing structural challenges, including import dependence and recurrent fiscal pressures across successive administrations.

Dr Amoah also insisted that measures had already been taken by the previous government to move the economy towards fiscal consolidation prior to leaving office.

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Stephen Amoah defends Akufo-Addo government's IMF bailout decision

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