A Senior Fellow on the Institute of Economic Affairs (IEA), Dr. Vladimir Antwi-Danso, has entreated President John Mahama to take bold, corrective measures to save you Ghana from returning to the International Monetary Fund (IMF) after the modern programme concludes.
Dr. Antwi-Danso believes that repeated reliance at the IMF is essentially because of immoderate authorities spending—in particular in election years—which undermines financial field and fuels monetary instability.
“The president has given indication that it's miles a legacy time period. If it`s a legacy time period then I suspect he need to positioned matters proper so we don`t cross returned. It is a habitual ritual, that is the seventeenth and there may be no indication that that is going to be the quit. It is due to the spending spree specially for the duration of election years,” he said.
Dr. Antwi-Danso emphasised that such spending is frequently now no longer growth-oriented, caution that borrowing for intake instead of funding handiest deepens the country`s economic vulnerabilities.
“During election years, we throw the whole lot to the puppies and spend the manner we spend and the spending isn't such that it's miles bringing returned the cash we're spending. It is only for intake. We borrow for intake,” he added.
He referred to as at the Mahama management to put into effect strict financial field and pursue structural reforms that might enhance monetary governance and decrease dependency on outside support.
Ghana is presently enforcing a $three billion IMF-supported programme aimed toward restoring macroeconomic balance and attaining debt sustainability. The programme is scheduled to quit subsequent year.
However, a few experts, along with the Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, have proposed extending the programme with the aid of using one or years, bringing up the development made thus far and the want to consolidate monetary gains.