Ghana’s current crisis indicates we can’t govern ourselves - Economist

Ghana begins talks with IMF

Government must re-evaluate flagship programs, Economist

Ghana’s economic indicators under distress

Economist, Evans Nunoo has stated that going to the International Monetary Fund is an indication that Ghana is not capable of governing itself.

He noted that the country cannot boast of being able to generate revenue from home-grown solutions thus

Read full articlegovernment should be calculated in the promises they make to Ghanaians.

His comments come after the announcement that Ghana will begin engagements with the International Monetary Fund for financial assistance.

“Let’s be honest, the fact that we are at this point is proof enough that we are not capable of governing ourselves. We cannot pledge to homegrown policies when they simply have not worked.

“I don’t understand why the government has promised people things that they simply cannot afford,” he said in an interview on Kumasi-based Luv 99.5FM.

Evans Nunoo – who is also Chief Executive Officer of DE-ALPHA Project Limited, a Business and Management Consultancy firm also stated that at a time when the country is seeking an IMF bailout, some flagship programmes need to be re-evaluated.

“This may sound controversial but government must re-evaluate policies such as the Free Senior High School because it does not make logical sense. There must be an element in the scholarship which states that those who earn past a threshold and can afford to pay for the school must pay for it.”

“Our political leaders have always been too focused on gaining votes and short-term success. They choose to spend recklessly on things that will keep them in power. They have shown that they are not worried about the future of the country or the lives of its people.

“I think people should breathe a sigh of relief because the IMF will be monitoring our policies and the politicians and leaders who have led us down this road cannot continue to do so. We also have a good history of working well for the IMF so at least it is good to have its confidence,” Nunoo added.

The economist also noted that since the IMF will require that lending rates are lowered, players in the private sector will be favored.

“People will be incentivized to borrow money and invest it in Ghana. This will improve the private sector and increase the value of the Ghanaian cedi, allowing the private sector to do the work the government has failed to do.

“We have seen similar situations in the past where Ghana does a great job to rebuild and impress the world before making the same mistakes and suffering again. The government should seriously be on its feet because there are limits to what people can tolerate.”

SSD/MA