A private legal practitioner, E.L. Agbemava, has sharply criticised the International Monetary Fund (IMF), describing the recent controversy surrounding the alleged GoldBod losses as a neocolonial public relations stunt designed to undermine the government’s currency stabilisation policies.
According to Mr Agbemava, whilst the issue has been wrapped on the surface in the dry language of balance sheets and profit-and-loss accounts, its true nature is a vile and toxic attempt to pressure the government into halting dollar injections into the financial system aimed at keeping the exchange rate steady. He warned that anyone who swallows the “GoldBod losses” hook, line, and sinker is either naive or diabolical.
He argued that for GoldBod to succeed, the exchange rate must stabilise to guarantee price stability within the local market. In the short term, the government achieves this by ensuring the US dollar is readily available to users—a measure crucial for keeping price volatility in check.
However, the IMF remains opposed to this market intervention and is doing everything within its power to destabilise the government’s fiscal policies, allegedly using the parliamentary Minority as a willing attack dog. Mr Agbemava highlighted that it had already cost taxpayers over $1.7bn to repair the hyper-inflationary damage caused to the economy by the New Patriotic Party (NPP).
“We can lose political sovereignty, but losing economic sovereignty is a death warrant that we cannot accede to,” Mr Agbemava stated.
Expressing concern over the current public discourse, he voiced surprise at the silence of key local beneficiaries—including the Ghana Union of Traders’ Associations (GUTA), the Tenants Association, importers, and the organised labour movement—in the face of what he termed a neocolonial assault on the integrity of the government’s economic policy.
To counter these actions, Mr Agbemava urged the government to re-evaluate its communication strategy and actively incorporate these vital stakeholder groups to repel the IMF-led attacks.
Read below his opinion
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The so called GoldBod losses is in reality a neo colonial PR stunt by the IMF against the currency stabilization policies of the Government.
On the surface it’s been wrapped in a balance sheet and profit and loss account argument. However its true nature is that it is a vile and toxic attempt at putting pressure on the Government to stop pumping dollars into the financial system to stabilize the exchange rate.
That is why anybody that swallows the “GoldBod losses” hook line and sinker is naive or diabolical.
For GoldBod to succeed it is obvious that the exchange rate has to stabilize to guarantee price stability on the local market.
How does government achieve that? It is by, in the short term, making the dollar readily available to users which is necessary for keeping price volatility in check. The IMF is against this market intervention and it is doing all it can do destabilize the government’s fiscal policies with the minority acting as a willing attack dog. In effect it cost taxpayers $1.7bn and more to repair the hyper inflationary damage the NPP caused to the economy.
We can lose political sovereignty but economic sovereignty is a death warrant that we cannot accede to.
What surprises me is the silence of local beneficiaries like GUTA, Tenants Association, Importers and the labour movement in the face of this neo colonial assault on the integrity of the Government’s economic policy. The government must re evaluate its communication strategy and incorporate these stakeholders to repel the evil IMF led attacks
By: Rainbowradioonline.com/Ghana
