Blame World Bank, IMF for Ghana's economic problems – Dr. Yamsom

Economist Dr. Ishmael Yamson, has stated that the International Monetary Fund and the World Bank should take some of the blame for Ghana’s economic woes.

According to him, these institutions are actively involved in the country’s affairs but look on when the country is running into a ditch.

He noted that even when Ghana was borrowing at unsustainable levels, there was little or no caution from these institutions.

“I have always said that sometimes the Fund and the Bank have to share in the blame because they themselves don’t say it as it should be said. They were aware, long time, that the government was doing things that would push this country into a crisis.

“And I can tell you that the crisis that we have today, I haven’t seen it all my life in this country. Never! If you go back and look at the statistics, there’s nothing like this before. Yet, every year they issue the report and they say to government, but they’re not firm enough to say, ‘look, we can see the trend taking you this way, and we will apply sanctions if there are any such things’,” he was quoted to have said on JoyNews.

Dr. Yamson was of the view that the World Bank should have had stronger mechanisms to ensure that the country borrows and spends wisely.

“But I believe that the Fund and the Bank have a greater responsibility to themselves because I know they don’t want Ghana to fail. And if they don’t want Ghana to fail, then they must behave in a way that pushes the Ghanaian government. I mean, why?

“When we were borrowing literally every year, were they not aware? All that they’ll put in their report is that excessive borrowing will lead you to debt distress—a simple sentence. And beyond that, what else did they do? Did they say to government, stop? Never!” he said.

SSD/NOQ

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