Blame IMF, World Bank for Ghana's economic crisis – Kwesi Pratt

Source: peacefmonline.com  -  Managing Editor of the Insight newspaper, Kwesi Pratt Jnr., is blaming the World Bank and International Monetary Fund (IMF) for the current economic crisis the country is facing.

He is of the view that successive governments have been paying too much attention to reports from the two bodies and questioned why they (government) follow those reports to the latter.

“IMF and World Bank are equally responsible for the mayhem in our economy…Between 1983 up to now, our national currency has devalued by 27,000%. In an era where you have massive devaluation of the national currency, every industry needs recapitalization. The IMF pushed us to devalue and our government recklessly accepted to devalue at a time when credit was not available from the financial institutions,” he told Kwami Sefa Kayi, host of Peacefm’s “Kokrokoo” Morning Show.

According to him, because government accepted that policy, it led to the collapse of so many companies in the country, adding “this will tell you how bad the policies of IMF are…before, we had Swedru contractors, KE and sons and so on. Where are they today? It is an illustration of how bad IMF policies are. And government didn’t help matters either. Principally, the policy itself was a major problem.”