Lack of political will derails full implementation of IMF bailout recommendations – UG lecturer

A Senior Lecturer at the Department of Economics, University of Ghana, Dr Priscilla Twumasi Baffour, has said the lack of political will from the government may derail the full implementation of the recommendations prescribed by the IMF to get the rebound of Ghana’s economy.

Her comments were on the back of the recent $3 billion Extended Credit Facility (ECF) programme by the International Monetary Fund (IMF). The programme is expected to restore macroeconomic stability and debt sustainability while laying the foundations for higher and more inclusive growth.

According to her, governments in their bid to politicize their achievements for the next vote, go in for short-term fixes to the challenges of the economy without addressing the root cause.

“So, the issue is not that we don’t know what to do in this country, we know what to do but basically it boils down mostly to the lack of political will most at times and the fact that these structural reforms require a lot more time than a political cycle. So, the challenge we face is that we tend to try to want to try quick fixes, short-term results to show that the government has done something,” she said.

Dr. Priscilla Twumasi Baffour further added that carefully implementing the recommendations under the IMF programme will help the country gain a robust economic foundation instead of short-term solutions.

“I can understand the position politicians are in because they are looking at the next election, but I think that we should get beyond that and look at the bigger picture in structural chances, investing in the right areas of the economy. If we are able to solve these issues; issues of energy, access to credit, skilled labour, then we will be equipping firms to be productive and produce domestically, reducing our import dependence, and export. It is not rocketing science, but it takes a lot more commitment and effort on the part of the government to deliver on these and most of the time it appears they tend to be dealing with a short-term four-year political cycle, a maximum of eight years,” she added.

Dr Priscilla Twumasi Baffour was speaking on JoyNews’ News File and was monitored by GhanaWeb.

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