An IMF programme is not enough to solve Ghana’s problem – Prof Bokpin

Professor Godfred Bokpin of the University of Ghana has stated that the current economic challenges cannot be solved by only an International Monetary Fund, IMF, programme.

He cites Ghana’s debt numbers and preliminary assessment as a basis for which more interventions will be needed beyond the assistance of the Fund.

“Where we are now, an IMF programme

Read full articleis not enough to solve the problem. And the reason I say so is clear. If you look at the debt numbers and per our own preliminary assessments, we are in an unsustainable debt situation,” he stated.

Making submissions on last Saturday’s edition of Joy News’ Newsfile programme, the economist lamented how the current government had failed to take a cue from history in its approach to the IMF.

“If it happens that way, (that) an IMF intervention is insufficient, what we need to do right now… and I think this government is in a better position to be guided by history.

“In 2014, when the government made the announcement on April 6, there was a document on hand. Drawing from the Senchi Consensus. There was also the Ghana Growth and Shared Development Agenda II of 2014 to 2017.

“So, before the president then made the announcement, there was a homegrown programme, so it made it a bit easier engaging the fund because we had a programme because the Fund doesn’t develop a programme for any country, that is why it is called a Ghana government programme supported by the IMF,” he added.

President Akufo-Addo ordered Finance Minister, Ken Ofori-Atta via a July 1 statement to present an economic rescue programme to the IMF.

A team from the Fund led by Carlo Sdralevich has since visited Ghana between July 6 – 13, meeting with relevant stakeholders.

SARA/PEN