Economist at the University of Ghana Business School, Prof. Godfred Bokpin has disclosed that Ghana needs strict governance and productivity enhancing reforms to complement gains from the International Monetary Fund.
He contends, government has a lot of work to do, in ensuring a robust macro-economic stability in the short to medium term as the country awaits the first tranche of the $3 billion facility from the IMF.
Speaking to Joy Business, Prof. Bokpin said, now is the time for government to get to work.
“Micro-economic stability is not an end in itself, it’s only a means to an end. What then is important is how do we complement gains from the IMF, short-term usually, but the necessary governance productivity enhancing reforms that Ghana needs to do?”
“It’s time to roll-up our sleeves and get to work”, he added.
Prof. Bokpin wondered whether the country has taken any lesson after several visits to the Fund for a bailout.
“This is our 17th IMF supported programme. I am a little surprise today, that even from government circle they are expecting the IMF programme, when towards the end of 2021, we were making the call that government needed to go to the IMF to save this economy from this embarrassment”.
The International Monetary Fund (IMF) on May 17, 2023, approved Ghana’s Programme request seeking for a $3 billion Balance of Payment support to stabilise the economy.