Godfred Bokpin, a professor at the University of Ghana Business School, has issued a warning against having too much high hopes for Ghana’s economic revival as a result of the $3 billion IMF initiative.
He suggested that the economic recovery will be hard and gradual. Prof. Bokpin was commenting on the program update provided by Finance Minister Ken Ofori-Atta. The program, according to the finance minister, “significantly paved the way” for the execution of an ambitious and well-planned reform agenda for the economy and nation.
In response, Prof. Bokpin stated that if the program’s structure is examined, it may be shown that Ghana actually began several of the list’s programs prior to the board’s approval.
He further said that all utility adjustments that are currently in effect were carried out in the past before board permission. From the standpoint of the Finance Minister, though, “I think generally we seem to be overly optimistic,” he emphasized.
“I think we need to be cautious because the recovery is going to be slow, it is going to be painful, you need to look at this within context also. I think if you look at Ghana’s inflation probably, it is one of the highest in Africa; food inflation and the rest of them, and typically if that is coming down, we say it is good news but it is still very high.
“If you are celebrating inflation at 42.2 percent, by world average it is still very (high) especially if you look at food inflation.”
Godfred Bokpin
Akufo-Addo Should Reduce Number Of Ministers Or Resign
The Professor demanded that President Akufo-Addo resign due to his incapacity to manage efficiently with a cabinet that might include up to 40 ministers.
The International Monetary Fund (IMF) Program that the nation secured, according to Professor Bokpin, is not a permanent fix for the economic issue and that other measures must be put in place to supplement the IMF’s suggestions.
According to Professor Bokpin, in order to handle the catastrophic economic situation, the government should limit the number of ministries and abolish pointless institutions. To reduce government spending, he advises merging some ministries and implores the President to act appropriately.
However, since perfection is unachievable, the Professor thinks it is needless to look for flawless people to lead the nation. Instead, he places a focus on the necessity of efficient government with fewer ministers and a smaller budget, even proposing the sale of luxury cars.
He also expressed doubt about the IMF’s ability to help economies change, claiming that the institution does not have even one case study of effective economic reform. He notes that Ghana is currently facing difficulties, despite having earlier received accolades for its IMF efforts.
Professor Bokpin highlighted the significance of Ghana choosing particular interventions and tactics to implement the broad fiscal policy framework recommended by the IMF in light of these worries. He urges the government to adopt aggressive actions since he thinks that relying entirely on the IMF will not produce the desired economic transformation.
READ ALSO: NPP Gov’t Is Attempting To Interfere In Gyakye Quayson’s Court Case- Mustapha Gbande
