ERP - which way?
The IMF and the World Bank seem to be concerned that the Economic Recovery Programme (ERP) and the Structural Adjustment Programme (SAP) being undertaken by Ghana are not yielding the much expected results. Though publicly, the IMF and the WB has touted Ghana's programmes as extremely successful, privately, the two institutions are wondering why the economy of the country is not performing as well as it should. Recent agitation and strikes by public sector workers and the massive demonstrations in Accra and Kumasi have acted to serve notice to the IMF that Ghanaians, impoverished by 10 years of ERP/SAP are getting impatient and may not be willing to give any more sacrifices.
At a recent meeting with Ghanaian industrialists, the IMF is reported to have expressed the following concerns:
1. Why is the Ghanaian economy not growing?
2. Why are the much needed foreign investments not coming in particularly since the "so-called success" story have been broadcast loud and clear across the globe?
3. Why are savings falling?
Dr. Kwesi Botchway will certainly be very pleased if anyone could provide meaningful answers to these questions.
Meanwhile, the agitation by pubic sector workers for improved conditions of service and increased salaries is set to continue. Times are indeed hard in the country!