Godfred Alufar Bokpin, a smart economist and finance professor, has some important news for Ghana. He believes that the country might leave its current program with the International Monetary Fund (IMF) too soon, possibly by late 2025. He thinks Ghana might not be ready to go it alone without help from the IMF.
On a radio show called Joy FM’s Super Morning Show, Professor Bokpin shared his worries about Ghana's future. He said that if the country stops working with the IMF by December 2025, it might be too early. He mentioned that while the government is trying to find a way to keep some support, it’s important for Ghana to be able to stand on its own two feet.
Ghana has asked the IMF for help 17 times since it became independent. Unfortunately, many of these programs ended too soon, and the country often faced economic problems afterward.
Professor Bokpin pointed out that when Ghana is working with the IMF, the government is more responsible to its citizens. There’s more honesty and teamwork when the IMF is involved, which helps the people of Ghana know what’s really going on.
The professor also talked about some issues with how the country reports its finances. He accused both major political parties of changing the numbers to fit their own stories.
He recalled a time in early 2022 when he said the Bank of Ghana was printing more money, but the bank denied it. Later, when the IMF looked into it, they found out that Ghana's debt was much higher than what the government had reported.
Professor Bokpin explained that Ghana's public debt seemed to change depending on which political party was in charge. It was like a multiple-choice question where you could pick the answer you liked best!
Even though there have been some good changes in Ghana's economy, Professor Bokpin believes there are still big problems that need fixing. He said that while Ghana has grown older, it hasn’t necessarily become wiser.
He asked if the country could really be independent and have a group that keeps an eye on its finances, not just in theory but in practice.
Some experts think that Ghana should keep working with the IMF even after 2025. They suggest that the country should also build stronger financial systems at home. Ideas include creating strict rules for spending money and making sure everyone knows what’s happening with the country’s finances.
These experts warn that if Ghana doesn’t make these changes, it might end up in the same cycle of economic ups and downs and could find itself asking the IMF for help again.