The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, asserts that austerity measures are essential to efforts to revive the economy.
According to an article published on Ghanaweb, Shirley Ayorkor Botchwey intimated that for Ghana to fully recover from its economic crisis, its citizens must either embrace IMF conditionality or take difficult personal decisions that would have an impact on the home market.
“The road back to robust growth, which Ghana and a number of African countries experienced successively in the years before COVID-19 struck, is currently a choice between the devil and the deep blue sea.
We have to either impose IMF-guided austerity, potentially leading to labour retrenchment and accompanying social instability, as witnessed in Argentina and elsewhere, or home-grown yet equally tough decisions to satisfy the markets and, hopefully, pave the way back to a functioning economy.
“The harsh sacrifices required, themselves, have become a source of instability and an invitation to malign actors,” she said in a statement on the sidelines as Ghana assumes Presidency of the United Nations Security Council.