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EconomyFri, 17 Jun, 22

IMF Can’t Be Blamed For Governments Inability To Sustain Economic Growth - Prof. Bokpin

IMF Can’t Be Blamed For Governments Inability To Sustain Economic Growth - Prof. Bokpin

Economist, Professor Godfred Bokpin, says the International Monetary Fund (IMF) cannot be blamed for the failure of its economic structural policies to impact Ghana’s economy in the long term. According to him, the failure is a result of the inability of successive Ghanaian governments to sustain the momentum those IMF programs put into the economy. He noted that this is responsible for Ghana’s reliance on IMF programs to sustain the economy amidst challenges.

Speaking to PM Express Business Edition, the Economist noted that should the economy continue to suffer, the government would have no other choice than to run to the IMF for rescue. He said that perhaps the reason why a lot of people wouldn’t say the IMF should be the option is that in terms of long-term solutions, they haven’t had that in all program engagement with the fund.  But the fund can’t be blamed necessarily for that.

He then made it known that some kind of progress has been made at any time under the IMF. But sustaining that and building on that was not done well. And that is a reflection of probably their actions and inactions over the years, and that is why when you look at the data practically every three years and some few months they’ve had to go to the IMF.

Meanwhile the Deputy Finance Minister, John Kumah has indicated that the government may soon turn to the IMF for support if the current homegrown program fails to bring the needed economic stability and restore investor confidence. This is coming at a time government has been criticized for failing to take the bold step of subscribing to a Fund program to address the imbalances within the economy.

The Deputy Finance Minister stressed while interacting with George Wiafe on PM Express that if it [bringing the economy back to life] becomes impossible, then it is the only alternative to salvage the economy. But with where we are now, we think we are in the position to salvage the economy or to try the homegrown policy we are adopting. If our programs fail us and we are not able to gain the confidence and the results in the fiscal space discipline, which will have to be imposed on ourselves, then there is no other choice.

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