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Ghana can’t survive without IMF

Aug. 19, 2016, 10:46 a.m.

Daniel Amateye Anim, Chief Executive of the Institute of Certified Economists, has stated that Ghana cannot survive without the assistance of the International Monitory Fund (IMF) under the current circumstances.

This, according to him, was due to the country’s current economic situation and government’s inability to adhere to fiscal discipline, among others.

“For now I am afraid the country can’t do without IMF until we begin to manage our economy well and put right policies and structures in place,” the economists told BUSINESS GUIDE in an interview yesterday.

President John Dramani Mahama over the weekend gave assurance that Ghana will come out of the three-year programme with the IMF with single digit.

Speaking at the campaign launch of the National Democratic Congress (NDC) in Cape Coast, President Mahama maintained that government has been able to abide by most of the conditions set by the board of the International Monetary Fund (IMF).

“Our programme with the IMF ends next year. We will come out of it with a more robust economy. Since January, we’ve been implementing zero central bank financing. We will come out of the IMF programme next year with inflation at single digit, a deficit to GDP below 3 percent,” he declared.

“I can remember that President Mahama, in his inaugural speech at the Senchi economic forum, promised not to go to the IMF but what happened? So this is not about saying it but it’s about putting right structures in place; it’s about making sure that your economy has what it takes to sustain itself,” Mr Anim said.

He said, “When your expenditure keeps exceeding your revenue and you are not channeling your resources to sectors that will grow the economy, then you would have no choice but to resort to IMF programme.”

Mr Anim said even though IMF programme came with a lot of unfavorable conditions for the citizens, the country had no option.

“It’s better you don’t go for IMF support because it comes with conditions that may not help the citizens. But then again for you to be able to stay away from the IMF, you need to manage your resources very well. If you don’t do that, then you will have to resort to IMF,” he said.