Right Honourable Speaker Alban Sumana Bagbin has revealed the impotency of Britten Woods institutions such as the international monetary fund motioning sinking economies in various countries into better economies.

Speaking in a public forum which was Organised to commemorate the three decades of Ghana exercising parliamentary democracy at the capital of Volta region, Ho. He monopolized his argument on the significance of the country drafting a national development plan which would involve all Ghanaians in order to achieve the prosperous society every citizen wish for.

“I think it’s time for us to redefine the roots, get a national development plan envisioned, where we will all buy into it. Get everybody once again on board, as the 1992 constitution did, and then we will be moving in one direction,” Hon Bagbin stated.

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According Mr Alban Sumana Bagbin, the country wouldn’t experience any significant economic freedom if it continues to seek for bailout from the Britten Woods institutions.

“….Not for the NDC to win, change the direction, NPP to win and change the direction and leave a lot of uncompleted projects, wasting a lot of natural resources and going to beg IMF to salvage us when when we know that the IMF has never supported any society to develop. No society in the world has developed through the assistance of the IMF,”Rt Hon Speaker Alban Sumana Bagbin said.

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The Republic of Ghana in 2023 was able to secure an International Monetary fund board approval for an economic assistance bailout of USD$3 billion which is segregated in five tranches all depending on different conditionality being set by the board of IMF.

This current IMF bailout marks the 17th time Ghana has begged for economic assistance from the International Monetary fund. However, recent statistics proves that, Ghana has is the seventh African country which is highly indebted to the IMF. Ghana owes a sum of USD$1,644,377,000 for seeking economic assistance from the IMF.

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