Political scientist at the University of Ghana, Professor Ransford Gyampo, has chastised the government for relying solely on the International Monetary Fund (IMF) to resolve its economic woes.
He asserted that the Bretton Woods Institution cannot be the panacea for the country’s challenges.
“The IMF is not and can certainly not be a panacea to our woes and it appears that in our country, we have a certain one way propagandist stomach direction approach to solving every problem. They must be up and doing,” Prof Gyampo said while contributing to a panel discussion on Newsfile on Saturday, October 22, monitored by The Independent Ghana.
He argued that the ‘one size fit’ approach will not work for the nation in these times, thus asked government to take a look at other alternatives.
Due to the downgrade of Ghana’s credit worthiness, the country has not been able to access funds from international bodies. The government has therefore run to the Fund for assistance.
Meanwhile, the Ministry of Finance has revealed that the government and IMF have reached a clear path towards the final details of a programme with the goal of reaching a Staff-Level Agreement by the end of the year.
This follows meetings between the Government and the IMF advancing negotiations towards a Fund-supported Programme in Washington (D.C).
In an update to citizens, the Ministry stated that “a pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme within the shortest possible time.”
The Ministry indicated in pursuance of the Staff-Level Agreement, negotiations with the IMF will continue in Accra, as the IMF team is expected within the next few weeks.