The immediate past Vice-Chancellor of the University of Ghana, Professor Ernest Aryeetey, has said there is no credence to fears the International Monetary Fund (IMF) is looking to keep countries like Ghana dependent on it.
On Citi TV’s Face to Face, Prof. Aryeetey asserted that it was the nation’s responsibility to make the most of its involvement with the IMF.
“What we haven’t done is our problem. We shouldn’t place our problems on the doorstep of the IMF,” he said.
The support from the IMF needs to be used to invest in high productivity areas for high returns and “you’ve got to force yourself to make the sacrifice that would be required in order to do the transformation,” Prof. Aryeetey explained.
He added that it is also “an issue of how do you use the resources available; how do you use the space in terms of policy; how do you use that to prepare for a longer term transformation.”
From his point of view, Prof. Aryeetey said there was no need to regard Ghana’s relationship with the IMF with any cynicism.
“The IMF has often provided support; a stop-gap measure. In times of instability, the IMF has always been there to assist, so I think it is a very worthy relationship one that clearly has had its ups and downs over the years.”
For him, there is no benefit to the IMF to “keep countries like us on their knees.”
“I don’t see the incentive for the IMF to want to do that … I don’t think the IMF was out there to want to keep us in the programme.”
Ghana’s most recent involvement with the IMF saw it enter into an extended credit facility in 2015 to help stabilize the economy for policy credibility.
The deal came with initial funding support of $918 million to be disbursed under eight tranches.
Under the agreement, the government was expected to implement some policy initiatives such as a freeze of public sector employment, reduction of the budget deficit, and zero financing of the budget deficit by the Bank of Ghana.
Source: The Inquisitor
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He is one of the advisors, to drive the NDC government to the door steps of IMF
These are the coons, nation wreckersssssssss, and lackeys who champion the obscenity of the IMF when they come preying in the resource-rich countries of the world in Latin America, Africa, Asia which includes the Middle East, Eastern Europe, with the hitmen standing behind them with guns and intimidate gov'ts to sign contracts for projects they don't need, at rates that they will never find anywhere on the planet, for the benefits of their capitalist oligarchs to the detriment of such countries. How many contracts did Mahama sign in the energy sector during dumsor? And what were the terms of these contracts?
Even the European knows that IMF is a terroristt organization. IMF is here in Africa for our resources and if someone like you don't know this then what in the world are you teaching our children? Charley commenting on this man's statement doesn't even make sense
This man should be advised not to speak in public again. What is the incentive for IMF? Go and find out why European countries like island refused IMF support. Go and find out what IMF did to Greece. The IMF portion of Greece's debt was just 7 percent and yet IMF was threatening to take over all the important assets of Greece. If you think the IMF is doing us a favour check your brain. You are not well. If you were a makola woman I would have excused you but you are a forcking professor, you should know better!
The IMF don't allow African countries to do as they want. If what this man is saying is true then why is our budget approved by IMF? AttA mills tried to renegotiate the oil kufour spilled and he was killed. Kabila tried to negotiate for 15 percent instead of the 3 percent and they sent Ebola to Dr Congo. Any African leader who tries to do anything good for people will be taken out. Don't tell me you don't know.
We will blame your Moda! And such a cluelesssss person is Head of such institution. I am sure the IMF boys are in their offices laughing, look at the f.... He's defending us! IMF, USAID, UKAID, DANIDA, ExxonMobil, total, world Bank, GMO companies, CNN, BBC, CIA, Massa they're all the same. If you think the white man established anything to favour you think again! Such people are the reason why Africa is poor. They take bribbs and defend the white man. Your oil is being stolen, your bauxite has been used for payment for infrastructure we the people of this country don't need to import any thing to construct, and this is what you can say? You shaaaa!