An IMF programme won't be able to take us out of our current situation according to Professor Godfred Alufar Bokpin, a Financial Economist at the University of Ghana (UG).
Ghana is targeting an amount of $3 billion over a 3-year period from the IMF with the aim of restoring macroeconomic stability and safeguarding debt sustainability among many others.
However, the economist believes to "crawl" out of current economic crisis, apart from the IMF bailout, government will also need "certain governance and productivity-enhancing reforms".
This must be done void of political affiliation.
"We all have to come on board, trade off political affiliation and seek the common goal. Under current circumstances, an IMF programme is not enough. Let’s not think that by merely having an IMF programme we are out of this, NO. What government needs to do urgently is to be able to initiate certain governance and productivity-enhancing reforms that we can pursue along the IMF programme," he averred while speaking to Kwami Sefa Kayi on Peace FM's morning show 'Kokrokoo'.
Going to IMF in an ambulance
Meanwhile, Prof Bokpin has stated that the delay in seeking a bailout also contributed to the country's current predicament.
"It was clear that the way we were going, we probably will head to the IMF in an ambulance; it was predictable. It got to a point we got the impression that we were managing this economy as though it didn’t have to take any effort from us to change what was happening and that a miracle will happen somewhere and replace the current economy; but it doesn’t happen that way."
"That delay is what has caused this. Not to sound like a prophet of doom, where we are right now to come out of this, it will take certain painful adjustments . . . we are looking at the next 10 years but a lot depends on what we do now and what makes this a bit sad is that governmentt is not demonstrating that we are living on the edge," he said.
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