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Time for Ghana to go to the IMF is due – Bokpin

Prof. Godred Bokpin1213131213121313131 Prof. Godfred Bokpin is an economist

Tue, 28 Jun 2022 Source: www.ghanaweb.com

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Ghana needs to act fast in addressing the challenges the country is facing currently.

This is according to Economist at the University Professor Godfred Alufar Bokpin, who alluded to assertions that Ghana needs to go to the IMF for support.

According to him, after so many calls for government to go to the IMF, time is finally up for managers of the economy to heed the call.

“If you look across the various sectors – arrears, debt build-up and all of that, at this point, we have no choice. I will say that actually, time is not on our side, time is not on our side and I believe that the government is coming to that reality. That in itself is positive.”

“Let’s not take it that going to the IMF is a sin that cannot be forgiven. I think that as a leader, as a country, we now find ourselves in the position where we must embrace alternatives on the table in the interest of the common goal. To that extent I see that the ground is softened from the side of the government”, he pointed out.

“I could be wrong and I’ll be glad to be wrong and somebody told me that the ground is actually not softening but melting very fast. Where we find ourselves now is not good. We must act very fast…that is what I’ll say”, he added.

He explains that going to the fund for support has become necessary because government’s policies and programmes have not yielded the expected results so far, whiles the country is going through harsh economic challenges.

“The conversation has been around for some time now. Probably the due time for Ghana to have signed onto the programme should have been somewhere last April [2021] and probably could have been included in the 2022 budget.”

“Government had confidence in the 2022 budget but not all of us including investors and stakeholders. Government felt that there were enough policy reforms in the 2022 budget that will have assured investors of a certain sustainable fiscal pathway that will bring down the debt or tame the budget. We realized overly faster than a government that wasn’t going to work.”

Gabby Asare Otchere-Darko, a leading member of the governing New Patriotic Party mentioned that the E-Levy since its implementation two months ago has yielded only GH¢60 million out of the estimated GH¢600 million.

SSD/FNOQ

Source: www.ghanaweb.com
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