The 2016 New Patriotic Party (NPP) vice presidential candidate has described the International Monetary Fund (IMF) program with Ghana as a sham.
Ghana entered the program to help the country’s ailing economy, but Dr. Mahamadu Bawumia observes the situation has witnessed a complete reverse of the expected solution.
He was speaking at a lecture organised by the Economics department of the KNUST in Kumasi in the Ashanti region, on the topic; Graduate Unemployment.
"When we went for the IMF bailout, we expected that our fiscal consolidation debt stock, interest rates and unemployment will come down and economic growth will go up," Dr. Bawumia said.
The former deputy governor of the Bank of Ghana said since Ghana borrowed from the IMF, borrowing and interest rates has all skyrocketed with economic growth in a nosedive and the country saddled with unemployment.
He said the above is the reason why he calls the whole fiscal consolidation idea a sham.
Dr. Bawumia also explained graduate unemployment could be reduced if the government introduces what he calls employment tax rebate to companies that employ fresh graduates.
"We can address the issue of unemployment by also giving specific tax incentives to companies that hire fresh graduates," said Dr. Bawumia.
He explained that to demonstrate the NPP's focus on productivity and jobs for the youth in Ghana, the introduction of the employment tax scheme will ease the pressure on companies hiring fresh graduate since they will save money by employing them.
- ‘I never promised to build a harbour in Cape Coast’ – Akufo-Addo
- Fact-check: Did the NPP promise to build a harbour in Cape Coast?
- Visa refusal for MPs supporting anti-LGBTQ+ Bill should prompt them to develop the country – Adusei Poku
- You are responsible for what you do with your feelings – Apostolic President tells LGBT community
- ‘God says we should sing a new song’ not plagiarise – Cindy Thompson to take legal actions against offenders
- NDC must pass Vote of No Confidence on Mahama – Atta Akyea on 1 million secret ballots claim
- NDC Caucus begin audit of MPs refused visa to establish whether it is linked to anti-LGBTQ+
- I lied because people were associating me with politics – Cindy Thompson on ‘Awurade Kasa’
- Funny Face threatens to kill his baby mama and commit suicide
- Cape Coast Metropolitan assembly members blame EC for chaotic MCE confirmation
Togbe Afede XIV calls for law to ensure successive governments complete ongoing projects
Full text: Sammy Gyamfi’s speech at NDC press conference over persistent increase in fuel prices
‘You lied to Ghanaians about fuels prices’ – NDC tells Akufo-Addo
Livestream: PM Express discusses Komenda Sugar factory and the role of politics
Women are more susceptible to mental illness due to biological makeup – Psychiatrist
Consider our students when posting teachers – Principal of Jackson College urges government
Vodafone’s Ashiokai Akrong is ‘HR Practitioner of the Year’
Personnel of K-9 unit of Ghana Police Service deployed across Accra
Barber jailed for abduction and defilement
Akufo-Addo commissions engineering workshop at Cape Coast Technical University
Develop daily routines for your children – counsellor
NBA Vaccination Saga: Is Kyrie Irving being selfish?
Milovan Rajevac reveals desire to give opportunity to home-based players
Huawei partners with Communications Ministry to train 20,000 SHS students in Cybersecurity
Fatawu Issahaku earned his place with performances in the U-20 team – Milovan Rajevac