IMF bailout not enough to save Ghana – Prof Bokpin explains why
A professor of Finance and Economics at the University of Ghana, Professor Godfred Bokpin has watered down the impact of the support the International Monetary Fund (IMF) would be giving to the Nana Addo-led government.
Professor Bokpin said the government of the day has shot itself in the foot by not developing a home grown program that would lead the way in economic recovery.
Speaking on NewsFile on Saturday, 13 August, he said “where we are now an IMF program is not enough to solve the problem. Is not and the reason I say so is clearly, if you look at the debt numbers and per our own preliminary assessment, we are in an unsustainable debt situation, if it happens that way an IMF intervention is insufficient”.
He called out the government for not developing a program of recovery before going to the IMF, stating that he thinks the current government is better placed and guarded by history to do the right thing for the country’s economy.
“In 2014 when the government made an announcement in April 6th, there was a document on hand drawing from the Senchi Consensus, there was also the Ghana Shared Growth and Development agenda two, 2014 – 2017”.
Prof. Bokpin is of the view that the former government of John Mahama did the best for the country when they decided to go to the IMF.
“Before the president then made announcement, there was a home grown program, so it made it a bit easier engaging the fund because we had a program, the fund doesn’t develop the program for any country, that is why it is call Ghana government program supported by the IMF,” he said.
By: Agaatorne Douglas Asaah | myactiveonline.com
