The Director of Research at the Institute of Economic Affairs (IEA) Dr. John Kwakye has said support from International Monetary Fund (IMF) over the years never inure to the benefit of Ghana.
“The IMF in general has not been popular not only in Ghana but in developing countries in general, especially in Africa. We don’t have good examples to show that because of IMF’s involvement in a country over a period, this is what we have achieved or this is what we have to show for it.
“Even Ghana, I think there was a time, for a brief period, when Ghana was touted by the IMF and the international community as star of Africa when we were listening to them and adopting their measures. Maybe because we did slightly better during the time but on a long term basis, we have gone to the IMF already sixteen times, if we should go again that will seventeen time,” Dr. Kwakye he told TV3..
He continued “Then you ask yourself, what do we have to show for it? This economy remains virtually like a colonial type economy. We are producing primary commodities unrefined, and we don’t add enough value to it. 65-years after independence it is like we haven’t changed that much but we have been to the IMF sixteen times. How much benefit have we derived from the IMF.”
There have been calls from a section of Ghanaians and the opposition National Democratic Congress on the government to consider going for an IMF bailout to safe Ghana’s ailing economy.
However, the Finance Minister Ken Ofori Atta has said Ghana will not return to the IMF for bailout despite the mounting economic challenges.
According to him, Ghana is a nation of pride and will seek for solutions to the current financial challenges it is facing within.
“I can say we are not going to the IMF. Whatever we do, we are not. Consequences are dire, we are a proud nation, we have the resources, we have the capacity. We are not people of short-sight, but we have to move on.
“So let’s think of who we are a strong proud people, the shining star of Africa, and we have the capacity to do whatever we want to do if we speak one language and ensure that we share the burden in the issues ahead,” Mr Ofori-Atta told the gathering at the E-Levy town hall meeting in the Northern Regional Capital of Tamale.