Skip Navigation

Ghana must still stay in connection with IMF after exit - Prof. Quartey

Feb. 25, 2019, 10:23 a.m.

Economist, Prof. Peter Quartey has urged government not to alienate the International Monetary Fund (IMF) after Ghana successfully completes its extended credit facility program with the fund.

Following the completion of the 7th and 8th review under the program, many stakeholders have spoken of the need to implement the needed strategies to ensure Ghana doesn’t return to the fund for the 17th time.

While delivering his 3rd state of the nation address, President Akufo-Addo said in order not to repeat the cycle of returning to the Fund immediately after exiting, Ghana will have to ensure that systems put in place like the Fiscal Council, which are to ensure discipline in the management of the economy, are as effective as possible.

Even though he supports the need for systems and structures that will ensure discipline on the part of government, Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has called for continuous collaboration with the International Monetary Fund (IMF).

“The idea that we are exiting the program, it’s as if we are parting with an enemy. I think that for me is not the right approach. Ghana remains a member of the IMF, which comes with some benefits as well as some difficult costly adjustments. But we remain a member of the IMF, we continue to get technical advice which often tends to be very useful for the country. By the time Ghana went to the IMF we had lost policy credibility and through the help of the IMF we’ve come this far.”

While admitting that there were some outstanding issues that need to be ironed out to ensure that Ghana exits the program without any setbacks such as the passage of the exemption bill as well as finalization on the Public Financial Management Regulations, Professor Peter Quartey expressed confidence in Ghana exiting the program successfully.

“I think looking at the triggers or the targets that we have to meet under the IMF program, Ghana has achieved a considerable number of them except one or two which in my view, even if they are not finally completed but they are at an advanced stage the IMF may just complete the program. So I don’t think we’ve reached a stage where it’s a yes or no. I think we’ve come very far, we’ve come a long way and I’m sure in the next couple of months, before April, some of these laws and regulations will be passed so we exit the program.”