IMF is a 'no-go' area, utilise natural resources - Prof Oquaye tells government

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Kwasi 2 months ago

Your useless party took us to IMF. Did you advice them?

Your useless party took us to IMF. Did you advice them?
Nii 2 months ago

Kufour and Akuffo Addo did many projects with BoG funding (IGF), ,meaning there are many things we can do on our own.We shd let IMF always be our last resort.The frequency with which we visit them is not helping us.

Kufour and Akuffo Addo did many projects with BoG funding (IGF), ,meaning there are many things we can do on our own.We shd let IMF always be our last resort.The frequency with which we visit them is not helping us.
Catfish 2 months ago

Buy your catfish Juveniles from us with as little as 2 cedis per fish to start your business and also get free guidance and training to help you succeed, we also have fish feed and tanks available on sale. 0265583388
…,. ...
read full comment

Buy your catfish Juveniles from us with as little as 2 cedis per fish to start your business and also get free guidance and training to help you succeed, we also have fish feed and tanks available on sale. 0265583388
…,.;;/-:/—-
Jay - NPP Fools 2 months ago

Your party has been in power for 16 years. In the last 8years, you mismanaged the economy, stole tens and hundreds of billions of dollars, and went for a loan of 3billion dollars to stress the ordinary Ghanaian. And, then all ...
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Your party has been in power for 16 years. In the last 8years, you mismanaged the economy, stole tens and hundreds of billions of dollars, and went for a loan of 3billion dollars to stress the ordinary Ghanaian. And, then all of a sudden, you know IMF is not good? Come on prof...
Game Changer +447935009178 2 months ago

These NPP old men are nothing but celebrated hypocrites who must be treated with utmost contempt. They preach virtue but practice vise!

These NPP old men are nothing but celebrated hypocrites who must be treated with utmost contempt. They preach virtue but practice vise!
Sense 2 months ago

Mention one project that Kuffour and Akufo Addo it ?

Mention one project that Kuffour and Akufo Addo it ?
Ka 2 months ago

Exactly. Any idiot will come and praise these criminals who destroyed everything we had.

Exactly. Any idiot will come and praise these criminals who destroyed everything we had.
Nii 2 months ago

A paid NDC Foot Soldier hired by Jubilee House to insult on Ghanaweb. When you're ignorant seek education.

A paid NDC Foot Soldier hired by Jubilee House to insult on Ghanaweb. When you're ignorant seek education.
Akronfo Addoonothing-Bawuliar-Ofui Ataa Ayi 2 months ago

A PAID NPP FOOTSOLDIER YOU ARE AS WELL THEN? HYPOCRITE LIKE YOU. JUST LIKE YOUR PARTY

YOUR USELESS NPP GOT KICKED OUR 2O24 IF YOU CARE TO KNOW.
KICKED OUT BY THE SAME PERSON THEY REMOVED 2016 BECUASE THEY NPP FAILED. AND ...
read full comment

A PAID NPP FOOTSOLDIER YOU ARE AS WELL THEN? HYPOCRITE LIKE YOU. JUST LIKE YOUR PARTY

YOUR USELESS NPP GOT KICKED OUR 2O24 IF YOU CARE TO KNOW.
KICKED OUT BY THE SAME PERSON THEY REMOVED 2016 BECUASE THEY NPP FAILED. AND FAILED WELL WELL.

THEY NPP LEFT WITH FINANCIAL HIARCUTS (EVEN ON PENSIONERS),700BILLION CEDI DEBT, MASSIVE MASSIVE CORRUPTION,HIGH CEDI TO DOLLAR RATE- SHOULD I CONTINUE?

TODAY EVEN THEIR USELESS CORRUPT INCOMPETENT FINANCIAL MINISTER IS WANTED FOR CORRUPTION AND IS ON THE RUN.

YOU HAVE NO MORALITY
Nii 2 months ago

The Tetteh Quarshie to Mamfe Akwapim Road was constricted with IGF.). The Adenta to Dodowa Road and Accra to Tema Motorway under construction are BoG(IGF ). I don't know of NDC doing similar.

The Tetteh Quarshie to Mamfe Akwapim Road was constricted with IGF.). The Adenta to Dodowa Road and Accra to Tema Motorway under construction are BoG(IGF ). I don't know of NDC doing similar.

OCQUAYE HAS SUDDENLY FOUND HIS VOICE! "AZAA PROFISSOR" WHY NOW? 2 months ago

WHY DIDN'T OCQUAYE TELL THIS TO HIS BOSS AKUFO-ADDO "THE MOTHER SERPENT OF NAKED IRRESPONSIBLE CORRUPTION" IN THE HISTORY OF GHANA POLITICS?

MAHAMA TOO IS DOING THE SAME LIKE KRUNFUOR KUFUOR DID.

GHANA IS FINISHED! THAT ...
read full comment

WHY DIDN'T OCQUAYE TELL THIS TO HIS BOSS AKUFO-ADDO "THE MOTHER SERPENT OF NAKED IRRESPONSIBLE CORRUPTION" IN THE HISTORY OF GHANA POLITICS?

MAHAMA TOO IS DOING THE SAME LIKE KRUNFUOR KUFUOR DID.

GHANA IS FINISHED! THAT HOPELESS NATION HAS NO BRIGHT FUTURE AHEAD.

MEANWHILE, KNOWN CRIMINALS LIKE AKUFO-ADDO, KUFUOR, KEN AGYAPONG, CECILIA DAPAAH, URSULA OWUSU, OFORI-ATTA, ETC ARE STILL WALKING FREE AND ENJOYING THEIR TAXPAYER-FUNDED RETIREMENT.

SADLY, WHEN THEY DROP DEAD, THE SAME HEAVILY-INDEBTED TAXPAYER THEY'VE BANKRUPTED WILL FUND THEIR FUNERALS AND BURIALS. I REALLY PITY GHANA'S POOR BANKRUPTED HEAVILY-TAXED TAXPAYERS.

GHANA'S BANKRUPTED POOR TAXPAYERS MONEY IS USED LIKE TOILET TISSUE BY GHANA'S SUCCESSIVE LEADERS BECAUSE THAT MONEY DOES NOT COME FROM THEIR PERSONAL BANK ACCOUNTS.

LOOTING OF IMF/WORLD BANK LOANS HAS BECOME A STATUS SYMBOL AND A FIERCE COMPETITION AMONG GHANA'S USELESS VISIONLESS FREELOADING SUCCESSIVE LEADERS SINCE 1957.

AFTER ALL THE ENDEMIC LOOTING AND FREELOADING, GHANA'S SHITHOLE LEADERS DUMP THE HARSH LOANS REPAYMENTS ON ALREADY BANKRUPTED POOR GHANAIAN TAXPAYERS TO FORK OUT THE SHIT IN KILLER TAXES AND THE CONSEQUENT HIGH KILLER PRICE LEVELS IN HOPELESSLY FUCKED UP GHANA.

SADLY, ALL OF THIS SHIT GOES ON IN THE MIDST OF MASSIVE STRATEGIC EARTH MINERALS WHICH GHANA COULD EASILY LEVERAGE ON TO GET THE HOPELESS NATION OUT OF CRASS CYCLICAL DEPRIVATION, POVERTY AND TERRIBLE UNDERDEVELOPMENT.

WHAT A COUNTRY! WE SHALL ALL SWIM IN THE SHIT!
Obentaa 2 months ago

Exactly, countrey! In the end, there is no difference between NDC and NPP. Two sides of the same coin. Two gangsters with different clothes.

Exactly, countrey! In the end, there is no difference between NDC and NPP. Two sides of the same coin. Two gangsters with different clothes.
ghana 2 months ago

the most stupid, dishonest, liar who calls himself a rev minister who tried to twist history by saying nkrumah was not the founder of ghana but his traitors of danquah tradition . and so we have had this dishonest brute as a ...
read full comment

the most stupid, dishonest, liar who calls himself a rev minister who tried to twist history by saying nkrumah was not the founder of ghana but his traitors of danquah tradition . and so we have had this dishonest brute as a former speaker. ghana had gone to the dogs under this useless old man
Ka 2 months ago

All these idiots finally found a voice.

All these idiots finally found a voice.
K. Opoku-London-UK 2 months ago

Professor Mike Quaye-Why did you NOT tell Akuffo Addo, Bawumia-the economic messiah-NPP and incompetent Ken Ofori Atta?
Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NP ...
read full comment

Professor Mike Quaye-Why did you NOT tell Akuffo Addo, Bawumia-the economic messiah-NPP and incompetent Ken Ofori Atta?
Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out of its 68 years history-Ghana IS A FAILED STATE.
The World Bank has pushed back against the erstwhile Akufo-Addo administration’s long-held narrative that Ghana’s 2022 economic collapse was the result of global turmoil, the COVID-19 pandemic and the Russia-Ukraine war.
Bawumia was the Chairman of the Ghana National Economic Management Committee but he says that he was the Drivers Mate. How can a driver's mate do this when he claims he never had the chance to implement anything in government because the powers that be did not allow him. Yet he wants to claim credit for any good things that he never did yet will refuse to accept responsibility for any failure in their government. How stupid does this man think we are? You took the cedi from 4 to 17 and still had the audacity to tell us the rate of depreciation at that time was better than the previous NDC administration. What at all does this man take us for? Does he think we're stupid or what? Someone should tell this man that we haven't forgotten about the DDEP haircuts and surely we shall punish the npp again come 2028.

It insisted that the economic meltdown was “homegrown”.

In its latest 2025 Policy Notes on Ghana, the Bank made clear that while the COVID-19 pandemic and Russia’s invasion of Ukraine worsened the situation, they were not the root cause.

“The deterioration of global conditions… was not the cause of the 2022 macroeconomic crisis; rather, it merely exposed an economy already beset with deep structural vulnerabilities and precarious macroeconomic conditions,” the report said.

The government has frequently blamed external shocks for the collapse, which saw inflation spiral, the cedi plummet, and the country default on its debt.

But the World Bank said years of weak governance, fiscal indiscipline, and stalled reforms were the real culprits of Ghana's "dark days".

Interbank Market: Cedi trades at GH¢12.35 to $1

The bank also argued that the easy access to international credit and expectations of resource windfalls encouraged short-term political decisions at the expense of long-term stability.

The report noted that the cycle of expansionary spending followed by painful corrections, one that has forced Ghana into 17 IMF programs over the past 68 years, is damaging.

“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programs, remaining under active IMF support for 40 out of its 68 years of history,” the Bank said.

The report also noted that more than 800,000 people were pushed into poverty in the aftermath of the 2022 crisis, with per capita incomes stuck at around US$2,200 for over a decade.

Today, more than a quarter of Ghanaians live below the poverty line, it noted.

Looking ahead, the Bank also raised alarms about Ghana’s fiscal management in the 2024 election year.

It flagged unbudgeted spending commitments of roughly US$4.8 billion, equivalent to 5.7% of GDP, much of it accumulated outside official financial systems.

“Spending indiscipline poses a critical challenge…undermining efforts to maintain fiscal discipline and compromising long-term sustainability,” the report cautioned.

Also, the energy sector arrears still cost around 2% of GDP annually, while COCOBOD’s debts reached US$1.8 billion in 2024, with interventions distorting markets and hurting farmers.

The bank warned that Ghana now stands at a critical crossroads, and temporary fixes will not be enough.

“There is an urgent need to signal a clear break from the past and a commitment to change… Success will ultimately be measured by the ability of the government to regain the trust of its citizens.”

Its recommendations are focused on restoring fiscal discipline, broadening the tax base, reforming state-owned enterprises, and enhancing governance.

Without decisive reforms, the World Bank cautions, Ghana risks remaining trapped in its cycle of crisis and bailouts for decades to come.

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==================================
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Joemens 2 months ago

Kwasi just count how many times your useless NDC took Ghana to IMF before any cooment on this platform

Kwasi just count how many times your useless NDC took Ghana to IMF before any cooment on this platform
Samakosa 2 months ago

Look at this man. JDM has found the way and he is already using the natural resources to shore up the Cedi and also fixing the Economy. During the 8 years, you could not advice your useless npp government m

Look at this man. JDM has found the way and he is already using the natural resources to shore up the Cedi and also fixing the Economy. During the 8 years, you could not advice your useless npp government m
Evans 2 months ago

He could not advise the NPP government because they came with a well planned agenda to loot the state, even to the extent of using religious hype like the building of a Cathedral for God.419 NPP government.

He could not advise the NPP government because they came with a well planned agenda to loot the state, even to the extent of using religious hype like the building of a Cathedral for God.419 NPP government.
Kojo Kankam 2 months ago

JDM and Nana Jane keep up the good work but don’t let some people let you down

JDM and Nana Jane keep up the good work but don’t let some people let you down
Ken 2 months ago

Hypocrite Why didn't u advice your government against it?

Hypocrite Why didn't u advice your government against it?

Francis Mccarthy 2 months ago

Mr man shut-up. You were with Dr Kwame Nkrumah and led parliament only to enrich yourself

Mr man shut-up. You were with Dr Kwame Nkrumah and led parliament only to enrich yourself
Sam 2 months ago

Look at who is talking

Look at who is talking
WHY DIDN'T OCQUAYE TELL THIS TO HIS BOSS AKUFO-ADDO THE MOTHER SERPENT OF NAKED IRRESPONSIBLE CORRUPTION IN THE HISTORY OF GHANA POLITICS? MAHAMA IS DOING SAME LIKE KUFUOR DID. GHANA IS FINISHED.! 2 months ago

WHY DIDN'T OCQUAYE TELL THIS TO HIS BOSS AKUFO-ADDO "THE MOTHER SERPENT OF NAKED IRRESPONSIBLE CORRUPTION" IN THE HISTORY OF GHANA POLITICS?

MAHAMA TOO IS DOING THE SAME LIKE KRUNFUOR KUFUOR DID.

GHANA IS FINISHED! TH ...
read full comment

WHY DIDN'T OCQUAYE TELL THIS TO HIS BOSS AKUFO-ADDO "THE MOTHER SERPENT OF NAKED IRRESPONSIBLE CORRUPTION" IN THE HISTORY OF GHANA POLITICS?

MAHAMA TOO IS DOING THE SAME LIKE KRUNFUOR KUFUOR DID.

GHANA IS FINISHED! THAT HOPELESS NATION HAS NO BRIGHT FUTURE AHEAD.

MEANWHILE, KNOWN CRIMINALS LIKE AKUFO-ADDO, KUFUOR, KEN AGYAPONG, CECILIA DAPAAH, URSULA OWUSU, OFORI-ATTA, ETC ARE STILL WALKING FREE AND ENJOYING THEIR TAXPAYER-FUNDED RETIREMENT.

SADLY, WHEN THEY DROP DEAD, THE SAME HEAVILY-INDEBTED TAXPAYER THEY'VE BANKRUPTED WILL FUND THEIR FUNERALS AND BURIALS. I REALLY PITY GHANA'S POOR BANKRUPTED HEAVILY-TAXED TAXPAYERS.

GHANA'S BANKRUPTED POOR TAXPAYERS MONEY IS USED LIKE TOILET TISSUE BY GHANA'S SUCCESSIVE LEADERS BECAUSE THAT MONEY DOES NOT COME FROM THEIR PERSONAL BANK ACCOUNTS.

LOOTING OF IMF/WORLD BANK LOANS HAS BECOME A STATUS SYMBOL AND A FIERCE COMPETITION AMONG GHANA'S USELESS VISIONLESS FREELOADING SUCCESSIVE LEADERS SINCE 1957.

AFTER ALL THE ENDEMIC LOOTING AND FREELOADING, GHANA'S SHITHOLE LEADERS DUMP THE HARSH LOANS REPAYMENTS ON ALREADY BANKRUPTED POOR GHANAIAN TAXPAYERS TO FORK OUT THE SHIT IN KILLER TAXES AND THE CONSEQUENT HIGH KILLER PRICE LEVELS IN HOPELESSLY FUCKED UP GHANA.

SADLY, ALL OF THIS SHIT GOES ON IN THE MIDST OF MASSIVE STRATEGIC EARTH MINERALS WHICH GHANA COULD EASILY LEVERAGE ON TO GET THE HOPELESS NATION OUT OF CRASS CYCLICAL DEPRIVATION, POVERTY AND TERRIBLE UNDERDEVELOPMENT.

WHAT A COUNTRY! WE SHALL ALL SWIM IN THE SHIT!
Gh 2 months ago

Your head like coconut...

Your head like coconut...
Asemsebe 2 months ago

Very "innovative" new idea. So we should give up and go back to the cash crops, minerals and oil. Is that not we what we been doing since independence. Defeatist Neo-colonialist doctrine. Tweaaa! So he still does not know tha ...
read full comment

Very "innovative" new idea. So we should give up and go back to the cash crops, minerals and oil. Is that not we what we been doing since independence. Defeatist Neo-colonialist doctrine. Tweaaa! So he still does not know that the only reason we get close to bankruptcy is that we happily borrow to pay for promises we cannot afford and then have need an emergency bail out. The problem is not the IMF, it's our overspending what we have not earned. There 3 was of financing public expenditure: taxes, borrowing, development aid. The IMF bailouts has never been one
Kwasi motto 2 months ago

You should have advised your political party when they were in power

You should have advised your political party when they were in power
Jkm 2 months ago

Where were u when ur party went in for IMF deal

Where were u when ur party went in for IMF deal
Nkum 2 months ago

You were speaker that passed many loans. You criminally supported IMF agreements. You guys messed up covid support. You were pushing to have another chamber built You have lost credibility

You were speaker that passed many loans. You criminally supported IMF agreements. You guys messed up covid support. You were pushing to have another chamber built You have lost credibility
Sly 2 months ago

I rest my case.The NPP that destroyed Ghana's economy have now good ideas in opposition. They should keep quiet and lean from the new economic management going on.

I rest my case.The NPP that destroyed Ghana's economy have now good ideas in opposition. They should keep quiet and lean from the new economic management going on.
Donatus 2 months ago

Listen to this man. And you were sitting there and ken ofori atta was going to imf? I can't imagine that. disgrace!

Listen to this man. And you were sitting there and ken ofori atta was going to imf? I can't imagine that. disgrace!

Shithole 2 months ago

Ghana abr33 this one too called himself a Rev , a Professor..mumu promax

Ghana abr33 this one too called himself a Rev , a Professor..mumu promax
Martin Kreisler 2 months ago

Did he give this advice to the immediate past NPP Government, or is this now occuring to him.

Did he give this advice to the immediate past NPP Government, or is this now occuring to him.
Achakanapaya 2 months ago

Look at another old hypocrite.
Where were this old man when his party the npp Nation wreckers took Ghana to the IMF???. Tweeaa.

Look at another old hypocrite.
Where were this old man when his party the npp Nation wreckers took Ghana to the IMF???. Tweeaa.
Kwame Peter 2 months ago

My beloved imbeciles,Prof Acquaye has spoken conventional wisdom and I know without any shred of contradiction that John& co will listen,if Nana&co had learnt listened to him and other knowledgeable people in NPP instead of ...
read full comment

My beloved imbeciles,Prof Acquaye has spoken conventional wisdom and I know without any shred of contradiction that John& co will listen,if Nana&co had learnt listened to him and other knowledgeable people in NPP instead of Ken & co,Ghanaians would have fared better and your beloved party would not be in government headed by clueless John running around trying to find something to do while pretending to be a saint.
OSAFO KANTANKA 2 months ago

Where was this Cantankerous and treacherous old git during Akufo Addo’s useless ,hopeless and pathetic government ?

Where was this Cantankerous and treacherous old git during Akufo Addo’s useless ,hopeless and pathetic government ?
kuukua 2 months ago

did he tell his party that?

did he tell his party that?
abakor 2 months ago

NPP Devils disgust

NPP Devils disgust
gh.citizen 2 months ago

Out of government, and the senses are back. Hmmmmmm
These guys are good in opposition.

Out of government, and the senses are back. Hmmmmmm
These guys are good in opposition.
Ka 2 months ago

Seriously! He couldn't talk when his party was destroying the country

Seriously! He couldn't talk when his party was destroying the country
Mj 2 months ago

Hehehe

Hehehe
ST 2 months ago

THE MOST USELESS MAN ON EARTH. NOW U CAN ADVICE .IDIOT

THE MOST USELESS MAN ON EARTH. NOW U CAN ADVICE .IDIOT
Kwame 2 months ago

Ghna does not need the IMF in any way.What is the value of our natural resources, Gold,Bauxite,Diamonds,Oil etc etc. We are talking about billions of dollars worth.Makes no sense to borrow money from the IMF.

Ghna does not need the IMF in any way.What is the value of our natural resources, Gold,Bauxite,Diamonds,Oil etc etc. We are talking about billions of dollars worth.Makes no sense to borrow money from the IMF.
Emma 2 months ago

You will not keep quiet, maybe you advice akufor Addo and he didn't listen

You will not keep quiet, maybe you advice akufor Addo and he didn't listen
Tatabata 2 months ago

Go advice your NPP people

Go advice your NPP people
ghanaba 2 months ago

MASTER WE YOU ABLE TO TELL AKUFFO ADDO???JDM IS THE SORFT ME.AT FOR YOU

MASTER WE YOU ABLE TO TELL AKUFFO ADDO???JDM IS THE SORFT ME.AT FOR YOU
SA 2 months ago

The problem is not IMF, it is our love for loans, debt, easy money, that is the root cause. We only goes to IMF when we are facing difficulties paying our debts, without IMF we would've been bankrupt 17 times as a nation. Our ...
read full comment

The problem is not IMF, it is our love for loans, debt, easy money, that is the root cause. We only goes to IMF when we are facing difficulties paying our debts, without IMF we would've been bankrupt 17 times as a nation. Our leaders cannot see anyway forward to manage our economy with our vast natural resources other than to borrow, loan, bonds from the international market over the past 50 years, in fact, they borrow to supplement our budget, that is how low we have been for the past 50 years, you can't see anything wrong with that, we can't see anything wrong with that and you are here spewing rubbish debate as a professor. Our leaders before and now were and are corrupt, they are lazy, useless, borrow money from the international market under the guise of development and share the money with their business partners and family. Where is agenda 110 hospitals, where is 1 district 1 dam, where is 1 district 1 factory, where is Saglemi housing estate, where is the green book roads, where is Accra to Kumasi road, where is the money for Accra to Kumasi express way, another loan, where is the 1000 kilometers of railway, where is the 10,000 roads. Our leaders are corrupt, they tell us what we want to hear, then use it as a way for loans, bonds, which represent bondage. We have no true independence, we love white peoples money, borrow and share, stealing, always making ourselves inferior to others. We just cannot manage our own affairs, incapable of looking after ourselves, we love to remain in chains, slavery, blowing hot air and begging white people always for money, loans. We are so incapable of managing ourselves, we sell our natural resources, bauxite in the ground, that is how low we are, and you are here blaming IMF. We are a disaster as people and country, that is the problem. Finally, where is your last finance minister and the governor of Bank of Ghana for the past 7 year?
Jak 2 months ago

Keep the advise to yourself old man. Your generation failed Ghana. Bow your head down in shame.

Keep the advise to yourself old man. Your generation failed Ghana. Bow your head down in shame.
AGATAPORE (SANDEMA) 2 months ago

Nonsense. When did you become wise? You sat there and made Akufo Addo sunk Ghana with IMF and EURO BOND loans . Today you sat there and spew garbage .

Nonsense. When did you become wise? You sat there and made Akufo Addo sunk Ghana with IMF and EURO BOND loans . Today you sat there and spew garbage .
K. Opoku-London-UK 2 months ago

Professor Mike Quaye-Why did you NOT tell Akuffo Addo, Bawumia and Ken Ofori Atta?
Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana ...
read full comment

Professor Mike Quaye-Why did you NOT tell Akuffo Addo, Bawumia and Ken Ofori Atta?
Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out of its 68 years history-Ghana IS A FAILED STATE.
The World Bank has pushed back against the erstwhile Akufo-Addo administration’s long-held narrative that Ghana’s 2022 economic collapse was the result of global turmoil, the COVID-19 pandemic and the Russia-Ukraine war.
Bawumia was the Chairman of the Ghana National Economic Management Committee but he says that he was the Drivers Mate. How can a driver's mate do this when he claims he never had the chance to implement anything in government because the powers that be did not allow him. Yet he wants to claim credit for any good things that he never did yet will refuse to accept responsibility for any failure in their government. How stupid does this man think we are? You took the cedi from 4 to 17 and still had the audacity to tell us the rate of depreciation at that time was better than the previous NDC administration. What at all does this man take us for? Does he think we're stupid or what? Someone should tell this man that we haven't forgotten about the DDEP haircuts and surely we shall punish the npp again come 2028.

It insisted that the economic meltdown was “homegrown”.

In its latest 2025 Policy Notes on Ghana, the Bank made clear that while the COVID-19 pandemic and Russia’s invasion of Ukraine worsened the situation, they were not the root cause.

“The deterioration of global conditions… was not the cause of the 2022 macroeconomic crisis; rather, it merely exposed an economy already beset with deep structural vulnerabilities and precarious macroeconomic conditions,” the report said.

The government has frequently blamed external shocks for the collapse, which saw inflation spiral, the cedi plummet, and the country default on its debt.

But the World Bank said years of weak governance, fiscal indiscipline, and stalled reforms were the real culprits of Ghana's "dark days".

Interbank Market: Cedi trades at GH¢12.35 to $1

The bank also argued that the easy access to international credit and expectations of resource windfalls encouraged short-term political decisions at the expense of long-term stability.

The report noted that the cycle of expansionary spending followed by painful corrections, one that has forced Ghana into 17 IMF programs over the past 68 years, is damaging.

“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programs, remaining under active IMF support for 40 out of its 68 years of history,” the Bank said.

The report also noted that more than 800,000 people were pushed into poverty in the aftermath of the 2022 crisis, with per capita incomes stuck at around US$2,200 for over a decade.

Today, more than a quarter of Ghanaians live below the poverty line, it noted.

Looking ahead, the Bank also raised alarms about Ghana’s fiscal management in the 2024 election year.

It flagged unbudgeted spending commitments of roughly US$4.8 billion, equivalent to 5.7% of GDP, much of it accumulated outside official financial systems.

“Spending indiscipline poses a critical challenge…undermining efforts to maintain fiscal discipline and compromising long-term sustainability,” the report cautioned.

Also, the energy sector arrears still cost around 2% of GDP annually, while COCOBOD’s debts reached US$1.8 billion in 2024, with interventions distorting markets and hurting farmers.

The bank warned that Ghana now stands at a critical crossroads, and temporary fixes will not be enough.

“There is an urgent need to signal a clear break from the past and a commitment to change… Success will ultimately be measured by the ability of the government to regain the trust of its citizens.”

Its recommendations are focused on restoring fiscal discipline, broadening the tax base, reforming state-owned enterprises, and enhancing governance.

Without decisive reforms, the World Bank cautions, Ghana risks remaining trapped in its cycle of crisis and bailouts for decades to come.

=-=====------
======================================================================
chief vandal 2 months ago

Where was this senile and fraudulent historian when his Government went to the IMF the morning after the Finance minister and his deputy told the whole nation that going to IMF was not on the cards?

Where was this senile and fraudulent historian when his Government went to the IMF the morning after the Finance minister and his deputy told the whole nation that going to IMF was not on the cards?
Truth stands 2 months ago

Why didn't Ocquaye advice the npp back then???
The npp should produce ofori atta.

Why didn't Ocquaye advice the npp back then???
The npp should produce ofori atta.
Nii 2 months ago

But did he advise his party to do that when they were in power?

But did he advise his party to do that when they were in power?

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IMF is a 'no-go' area, utilise natural resources - Prof Oquaye tells government

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