FLASHBACK: Don’t blame IMF for Ghana’s instability - Resident Representative

Dr. Albert Touna Mama, the former IMF Resident Representative for Ghana, debunked claims that Ghana is worse off despite the fund's support.

"I’m not sure that this country has stagnated for 16 years. I’m not necessarily arguing that the fund is the reason for the growth, but it didn’t harm that growth [either].

"The Fund is here for a reason, and it is especially for situations like the one you are in now where countries because of COVID-19 face very difficult prospects at least from the fiscal side," he said.

Read the full story originally published on June 8, 2021, by GhanaWeb

International Monetary Fund’s Resident Representative for Ghana, Dr. Albert Touna Mama, has dismissed claims that Ghana is worse off despite IMF’s consistent support.

According to him, the monetary body rolls out economic recovery programmes that help countries revive.

Speaking on Citi TV’s Point of View program Dr. Touna Mama said the IMF is not to be blamed for countries' instability or otherwise.

“I’m not sure that this country has stagnated for 16 years. I’m not necessarily arguing that the fund is the reason for the growth, but it didn’t harm that growth [either].

"The Fund is here for a reason, and it is especially for situations like the one you are in now where countries because of COVID-19 face very difficult prospects at least from the fiscal side,” he said.

Some economists have argued that Ghana has nothing to show for its consistent run to the IMF.

This, Dr. Touna Mama said is unfair for anyone to suggest that Ghana has nothing to show for its many programmes with the IMF.

“It is rooted in the misconception about what our role is. It is unfortunate because it corners policymakers into not thinking about a very viable option. It is very unfair to say Ghana has nothing to show for having existing programmes,” Dr. Touna Mama argued.

He said the IMF continues to offer cheaper financing to many countries and remains a viable option for fiscal support.

The relationship between Ghana and the IMF and World Bank dates back to the late 1960s.

Data shows that the country has gone for support from the Bretton Woods institution about 16 times.

SSD/FNOQ