• Mon. Aug 15th, 2022

IMF deals has never benefited Ghana – John Kwakye

ByEditor

Mar 24, 2022 , ,

Dr. John Kwakye, Director of Research at the Institute of Economic Affairs (IEA), has stated that support from the International Monetary Fund (IMF) has never benefited Ghana.

“The IMF is not well-liked not only in Ghana, but also in poor countries in general, particularly in Africa. We don’t have many solid instances to indicate that because of the IMF’s long-term commitment in a country, this is what we’ve accomplished or what we have to show for it.

“I believe there was a time when Ghana was hailed as the star of Africa by the IMF and the world community when we were listening to them and implementing their policies.” Perhaps because we performed slightly better at the time, but on a long-term basis, we have already gone to the IMF sixteen times, and if we go again, it will be the seventeenth time,” Dr. Kwakye told TV3.

“Then you ask yourself, what do we have to show for it?” he continued. This economy is still very much like a colonial economy. We produce unprocessed primary commodities and do not add enough value to them. Although it appears that we haven’t evolved much in the 65 years since independence, we have visited the IMF sixteen times. How much have we gotten out of the IMF?”

A portion of Ghanaians and the opposition National Democratic Congress have urged the government to seek an IMF bailout to save the country’s faltering economy.

Despite the rising economic challenges, Ghana’s Finance Minister, Ken Ofori Atta, has stated that the country will not seek a bailout from the IMF.

Ghana, he claims, is a proud nation that would seek solutions to the current financial issues it is facing.

“I can confirm that we will not be visiting the IMF.” We are not, no matter what we do. The consequences are serious; we are a proud nation with the resources and capacity to deal with them. We are not short-sighted people, but we must move on.

“So let us think of who we are as a strong proud people, Africa’s shining star, and let us remember that we have the capacity to do whatever we want if we speak one language and share the burden in the issues ahead,” Mr Ofori-Atta told the crowd at the E-Levy town hall meeting in Tamale, the Northern Regional Capital.

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