Former Finance Minister responds to Franklin Cudjoe’s IMF twitter taunt

Former Finance minister Seth Terkper is not sparing any effort to defend his track record in office as he continues to use every platform available to him to rebut claims that mismanagement drove them to the International Monetary Fund (IMF).

This time around he is taking on the suggestion by Founding President of IMANI Africa Franklin Cudjoe that the circumstance that led to the decision to go under an International Monetary Fund Program during John Mahama’s tenure was “man-made”.

The IMANI Boss made the claim in tweet in which he contrasted the COVID-19 pandemic that forced the current government to the IMF with what transpired under the past government.

In tweet in response, the former finance minister Seth Terkper outlined a series of events he said was responsible for the 2015 IMF Program.

He mentioned what he said was “the backdrop of the Global Financial Crisis which began in 2008”.

The global financial crisis forced a lot of developed economies into recession and Seth Terkper believes Ghana experienced the after effect of the crisis.

Seth Terkper also pointed to the Single Spine Salary Structure (SSSS) that was inherited from the John Agyekum Kufuor and was rolled out from 2010 to 2014.

The former Finance minister whiles in office consistently complained about the impact the SSSS had on the national purse and how the public wage consumed a huge chunk of national revenue.

Seth Tekper says this was a huge factor in driving the economic into difficult grounds forcing the then administration to enroll onto an IMF policy.  

Seth Tekper also highlighted the BRIC (Brazil, Russia, India and China)-led crisis from 2014 to 2016 as a contributing factor in addition the power crisis which was initiated by the challenges to supply of gas from the West African Gas Pipeline.

Source: Sena Nombo/Radiogoldlive.com

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