General News of 2014-05-15

IMF bailout is the only option for govt – Amoako Baah

The Head of Political Science Department at the Kwame Nkrumah University of Science and Technology, (KNUST) Professor Richard Amoako Baah says government has no other option than to go for a financial bailout from the International Monetary Fund (IMF).

According to him, “the longer we wait, the worse Ghana’s economic crisis gets" because it is obvious "government has run out of options".

Dr. Amoako Baah made the comment on Asempa FM’s Ekosii Sen programme on Thursday while discussing the relevance of the ongoing National Economic Forum in Akosombo.

The three-day non-partisan forum on the theme: "Changing the Narrative: National Consensus for Social Transformation" is aimed at achieving consensus on policies, strategies and measures for Ghana’s transition from a lower middle income nation to an upper middle income economy.

Participants at the economic forum are expected to come out with a blueprint of workable solutions to resuscitate the ailing economy.

But Dr. Amoako Baah maintained that the panacea to Ghana’s economic woes is not organizing forums.

He could not fathom why the Mahama-led administration could waste scarce resources on about 400 people when the same activity could have been done by 20 economic experts and achieve the same results.

The Political Science lecturer intimated that the Mahama-led administration knows the solution to the challenges facing the economy but “lacks the political will to implement it”.

He mentioned among other things retrenchment in the public sector and halting the implementation of the Single Spine Pay Policy as some of the austere measures government has to take, but lacks the political will to do.

Dr. Amoako Baah bemoaned government’s inability to be candid with Ghanaians about the true state of the economy.

He urged Ghanaians to brace themselves for tougher economic times because there seem to be no light at the end of the tunnel.

"I wish President Mahama well, but I’m still holding my breathe because we will definitely go to the IMF," he added.

Source: myjoyonline
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