{"id":22540,"date":"2022-07-03T13:46:55","date_gmt":"2022-07-03T13:46:55","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/imf-will-not-provide-sustainable-solutions"},"modified":"2022-07-03T14:04:34","modified_gmt":"2022-07-03T14:04:34","slug":"imf-will-not-provide-sustainable-solutions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions","title":{"rendered":"IMF will not provide sustainable solutions"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Professor Charles Godfred Ackah, Associate Professor of Economics, Institute of Statistical, Social and Economic Research (ISSER) says going to the International Monetary Fund (IMF) will not provide sustainable solutions to Ghana\u2019s economic problems.<\/p>\n

He said the economic challenges most of, which were self-inflicted and a conglomeration of \u2018bad luck\u2019 and \u201cbad governance\u201d would require internal consultations and consensus to fashion out long-term economic agenda for the nation.<\/p>\n

Speaking on an Accra based media platform, the Professor Ackah noted that the economic challenges of the country such as high inflation rate, the depreciating cedi and exchange rate, unfavourable balance of trade, high borrowing, which had led to huge debt servicing and the bloated government size leading to high current expenditure, had since independence existed due to poor leadership.<\/p>\n

\u201cThe problem that Ghana has a far as I am concerned is a structural problem and the 16 times, we have been to the IMF has not really been sustainable because they just come to give you some short term \u2018steroids\u2019 and after two to three years you are back to the structural problem\u201d he said.<\/p>\n

He added that the recent global disruptions due to covid-19 pandemic and the Russia-Ukraine War could not be resolved by the IMF. \u201cAs I talk to you now, Japan\u2019s debt to GDP ratio is about 260 per cent and Japan is not in crisis and they are not going to the IMF. Even the United States GDP is almost 140 per cent and China is about 70 per cent,\u201d he said.<\/p>\n

Mr Felix Ofosu Kwakye, a former Communications Minister and Aide to former President Mahama, said there was no other option to salvage the worsening economic situation than to approach the IMF.<\/p>\n

The decision of the Government to delay approaching the Fund, he said had deteriorated the economic situation to the extent that the IMF\u2019s intervention would not be enough to restore the economy.<\/p>\n

He described the delay as a \u201ccheap pedestrian politicking,\u201d which was caused by the decision of the Government to make political gains out of the decision of the former President, Mr John Dramani Mahama to approach the IMF in 2015.<\/p>\n

\u201cThey demonised the IMF and made it looks like they were a bunch of people with horns and tails wielding pitchforks to force problems down our throat and that they were never going to go there,\u201d he said.<\/p>\n

Professor Elikplimi Komla Agbloyor Kplogo, Associate Professor, Department of Finance, University of Ghana Business School, said the lack of access to the International Capital Market, failure of E-levy to generate needed revenue, decline in foreign exchange reserves, capital flow reversals and the recent agitations on the streets had pushed government to the Fund.<\/p>\n

With or without the IMF intervention, government going forward, he said, would have to be prudent with its spending and find more innovative ways of generating revenue.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Professor Charles Godfred Ackah, Associate Professor of Economics, Institute of Statistical, Social and Economic Research (ISSER) says going to the International Monetary Fund (IMF) will not provide sustainable solutions to Ghana\u2019s economic problems. He said the economic challenges most of, which were self-inflicted and a conglomeration of \u2018bad luck\u2019 and \u201cbad governance\u201d […]<\/p>\n","protected":false},"author":84,"featured_media":22539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[5092,5096,429,3006,7951],"class_list":["post-22540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-ghana","tag-imf","tag-sustainable"],"yoast_head":"\nIMF will not provide sustainable solutions - Ghana<\/title>\n<meta name=\"description\" content=\"Professor Charles Godfred Ackah, Associate Professor of Economics, Institute of Statistical, Social and Economic Researc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF will not provide sustainable solutions\" \/>\n<meta property=\"og:description\" content=\"Professor Charles Godfred Ackah, Associate Professor of Economics, Institute of Statistical, Social and Economic Researc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-03T13:46:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-03T14:04:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/img-62c1a1d95c583.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF will not provide sustainable solutions\",\"datePublished\":\"2022-07-03T13:46:55+00:00\",\"dateModified\":\"2022-07-03T14:04:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\"},\"wordCount\":491,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/img-62c1a1d95c583.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\",\"IMF\",\"sustainable\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-will-not-provide-sustainable-solutions\",\"name\":\"IMF will not provide sustainable solutions - 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