Previous President John Agyekum Kufuor has said the National Democratic Congress (NDC) organization under previous President Jerry John Rawlings once deceived the International Monetary Fund (IMF), prompting Ghana being fined $36 million.
He said this was aspect of the amazing monetary difficulties that the NDC organization left for him to come and manage after the 2000 races.
Talking in a meeting with Kwaku Sakyi-Addo on Asaase Radio on Sunday, September 6, Mr Kufuor depicted the circumstance as “a void and a troublesome circumstance”.
“From Day One into office when we found that our economy was overladen with obligation, quickly we saw that we have been hit, we were unable to try and get raw petroleum to get for TOR to refine for gas stations what not. How might we last?
“Truth be told, one of the rivals had even said they were standing by to check whether the legislature will keep going for a quarter of a year. It resembled we were constrained into some snare, and looking forward we saw a chasm that except if we did some exceptionally quick work we may have issues.
“We took a stab at talking our way around inside the contributor accomplices to check whether they would believe that we had come in with an alternate viewpoint and belief system and reasoning and that we would do things any other way from the outgone organization yet they wouldn’t hear us out.
“The multilaterals, the IMF, they disclosed to us the past system had distorted to them about the condition of the economy and Ghana was fined $36 million. They said except if we settled that fine they won’t exchange with us.
“Our sister country Nigeria wouldn’t keep on giving us unrefined petroleum. Why?Because the past system hadn’t paid for the provisions and there were long lines at filling stations. The cedi was frail..
“This was the reason subsequent to making a decent attempt to discover an answer, we went to HIPC activity. That was the other option so we needed to go to the IMF and state we were grieved about Ghana’s economy
“This was spoiling however it was the shot we needed to chomp, an exceptionally troublesome [one].”
