Senior lecturer at the University of Ghana Business School, Dr. Patrick Asuming, has raised allegations against the Ghanaian government, accusing them of manipulating the International Monetary Fund (IMF) to secure loans without adhering to the required economic stabilization measures.
Dr. Asuming contends that the government has mastered the art of obtaining IMF loans while failing to implement the prescribed measures recommended by the financial institution.
According to him, the government’s disregard for many of the IMF’s outlined measures has contributed to economic instability, leading to a recurring dependence on the IMF for financial assistance.
Dr. Asuming shared these concerns during an interview on Joy FM on November 16, 2023 that, “I have said in the past that we have learned how to dribble the IMF. If you look at the measures in our IMF 17, a lot of them are in IMF 16, and I think it is also the reason why some people begin to question the IMF itself.”
He added, “When you see that there are clear cases that the government has refused to implement the measures they have agreed, and yet we keep coming back, so people legitimately question them.”
In recent months, the state of the Ghanaian economy has become a significant point of discussion, marked by challenges such as soaring inflation, a depreciating currency, and a noticeable decline in the overall quality of life, coupled with a high cost of living.
The government has consistently attributed these economic struggles to the aftermath of COVID-19 and the Russia-Ukraine war.
Last year, in response to these challenges, the government secured a US$3 billion loan from the International Monetary Fund (IMF), with the first tranche of US$600 million already credited to the government account.