Director of the Institute of Statistical Social and Economic Research (ISSER), Prof Peter Quartey, underscored the crucial role of strategic investment in productive sectors using funds obtained from the International Monetary Fund (IMF).
In an interview on JoyNews’ PM Express, Prof Quartey emphasized that IMF funds should not be treated as “free money” but rather directed towards investments fostering economic growth and sustainable income generation.
He highlighted the necessity to refrain from allocating resources to consumptive purposes, cautioning that such practices could impede the country’s ability to meet future repayment obligations.
According to Prof Quartey, priority should be given to infrastructure development, specifically citing the importance of investing in roads facilitating efficient transportation of goods from production areas to consumption centers and ports for export.
The Director argued that well-maintained roads would not only reduce travel time but also enhance productivity, especially in key production areas like Kumasi.
Prof Quartey advocated for diversifying the use of funds into areas such as agricultural support, credit, and agricultural insurance. He also emphasized the significance of adding value to production and supporting initiatives like “Planting for Food and Jobs 2.0.”
However, he stressed the importance of judiciously allocating these funds to the right individuals and sectors that positively contribute to the country’s Gross Domestic Product (GDP).
“Some of the funds can go into that but we should make sure that they go into the right areas and be dispersed to the right kind of people who will produce and add to our GDP. And also add value to whatever we produce,” he said on Thursday.