Mr. Enoch Okomfo Okonah, an economic analyst, has stated that securing a deal with the International Monetary Fund might not be the best solution to tackle the structural challenges confronting the nation.
Instead, he underlined the need for government to prioritise import substitution, saying that remained the surest and realistic intervention to address the country’s fiscal challenges to stabilise the economy.
Speaking in an interview with the Ghana News Agency (GNA) in Sunyani, Mr Okonah, the Chief Executive Officer of DUMAT Africa, a policy think-tank said, “that notwithstanding our deal with the IMF may be protracted due to initial resistance from the labour unions”.
This could delay the final approval by the Executive Board of the IMF, a situation which could have dire consequences on the nation, and subsequently dwindle investor confidence too.
DUMAT Africa focuses on economic policy, governance, labour, and related issues.
Mr. Okonah indicated the nation’s economic challenges required a collective and concerted approach to tackle and called for divergent views from the business community, academia, and government critics.