Ghana: Otumfuo Warns Mahama - Over IMF Prescriptions

Otumfuo Osei Tutu II, Asantehene , has cautioned the government to work around the clock to ensure that the prescription of the IMF , which has direct adverse effects on the living standards of the citizenry in the short term, does not create undue hardship for the ordinary Ghanaian.

He noted that increases in utility tariffs and retrenchment of public sector manpower could worsen the
already precarious unemployment situation.

Nana Dr. Adu Gyamfi, Adontehene of Kumasi Traditional Council, who represented Otumfuo at the 12th Ashanti Financial Services Excellence Awards, organized by TOP BRASS Ghana, under the auspices of Manhyia Palace, however, expressed the hope that the IMF prescription will lead to the stabilization of the macro-economy and boost confidence in the business environment.

The Asantehene, therefore, pleaded with Ghanaians to also expect and accept some level of adverse effects of the IMF prescription on their standards of living in the short term. He underscored that, all the key stakeholders are in general agreement that the Ghanaian economy is in dire state and has been characterized by deep-seated macroeconomic challenges, emanating from defective management of the fiscal and, therefore, grappling with untenable budget deficits, high interest rates, unsteady exchange rate and steady depreciation of the Cedi against major trading currencies.

 The end result of all these, coupled with the crippling power shortage, he said, has been a decline in business activities and economic growth, with its attendant adverse effect on employment and massive job losses, adding that it is in the context of finding an antidote for this difficult economic situation that he endorsed various strategic initiatives by government.

Mr. Peter Anarfi-Mensah, the Ashanti regional Minister, commended TOP BRASS Ghana for partnering Otumfuo to acknowledge and honour local financial institutions who are contributing in diverse ways to improve the economy of the Ashanti region and the nation as a whole.

He noted that the exercise would help boost the moral of financial institutions by making the region the center of attraction and development, as the institutions, including Banks and Insurance companies which commitment is crucial to the economic growth of every country.

The Minister entreated the institutions to make credit more accessible and affordable to the SMEs to enable them compete with the foreign companies, and urged them to invest in research to attract workers in the institutions. He also entreated them to upgrade their employees as the Regional Coordinating Council will continue to support Manhyia and TOP BRASS Ghana to ensure that all the institutions that deserve recognition will enjoy what is due them, to improve the economy of the region.

Credit:allafrica