Kwesi Pratt questions Ghana’s sovereignty over reported IMF approval of 2027 Budget

Veteran journalist Kwesi Pratt Jnr has questioned Ghana’s economic sovereignty following reports that the International Monetary Fund (IMF) had approved the country’s 2027 Budget before it was presented to Parliament.

The Managing Editor of The Insight newspaper said he was “seriously worried” by the reported development, arguing that it raised questions about the extent of the Fund’s influence over Ghana’s economic decisions.

Mr Pratt questioned why the government would seek the IMF’s approval while celebrating Ghana’s exit from the Fund’s programme.

“This is our budget. This is Ghana’s budget. And before the budget is released, we are told that the IMF has approved it,” he said.

“At the time when we are boasting about exiting the IMF programme, if you have exited the IMF programme, why are we submitting our budget to IMF for approval?”

Mr Pratt also questioned whether the Ministry of Finance or the IMF was effectively directing the country’s economic policy.

“They know what the effect is going to be, they know how much resources are going to be generated and so on. Who is in charge? Is it the IMF? Is it our Ministry of Finance? I’m confused. We are either under an IMF programme or we are not,” he said.

He criticised what he described as the tone of the IMF’s commentary on Ghana, arguing that the Fund appeared to be validating decisions that should be determined by the Ghanaian people.

“And the IMF is telling us that they’ve met government officials, government has told them what they’re going to do and they’re happy with it. Is it the IMF who should be happy with our budget or the people of Ghana?” he asked.

Mr Pratt also cited Ghana’s history of engagement with the Fund, saying the country had turned to the IMF 18 times without achieving lasting economic stability.

“We do know we’ve been there eighteen times. Every time we’ve come out it’s been more disastrous than before we went there,” he said.

He questioned the government’s continued reliance on the institution, warning against a situation in which the IMF dictates the country’s policy choices.

“So what’s this reliance on the IMF?” he asked.

He spoke on Metro TV ahead of the presentation.

Mr Pratt concluded by calling for Ghana to reduce the Fund’s influence over its economic affairs.

“So I was very alarmed when we were reading that report, just very alarming. You understand? We want the IMF off our backs, at least for a change,” he said.

The 2027 Budget was presented to Parliament by Finance Minister Dr Cassiel Ato Forson.