• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

IMF Is No Longer Bold, Perpetuating A Cycle Of African Dependence On The West- Prof Gyampo

May 24, 2023
Stephen M.Cby Stephen M.C
in General News
0
NDC Elections: I Expect A Healthy Contest And Outcome  Reflective Of The Wishes Of People- Prof Gyampo

Professor Ransford Gyampo, Political Scientist.

Political Science lecturer at the University of Ghana, Prof Ransford Gyampo, has taken a swipe at the International Monetary Fund (IMF), describing it as no long bold and perpetuating a cycle of African dependence on the West.

According to him, it appears the IMF of yesteryears, is no longer the IMF seen today. He revealed that the recommendations by the IMF in helping revive Ghana’s economy is equally questionable.

Among other things, Prof Gyampo questioned why the Fund didn’t talk about taxing the extractive sector adequately to raise more revenue for the country and its silent on what Ghana must do to stop illicit financial flows.

RelatedPosts

Bright Simons Slams E&P Over Gold Mine Controversy

Ato Forson Declares War on Gold Smuggling at GoldBod Task Force Inauguration

Mahama Set To Transfer UGMC To University Of Ghana

Additionally, he expressed concern on whether the Fund was coerced to keep quiet about the local and international calls on the country’s government to downsize.

“They are no longer bold; they are no longer courageous; and they seem to be tacitly perpetuating a cycle of African dependence on the West. Otherwise, how and why were very low-hanging serious recommendations that would help us quickly turn things around, overlooked? Is the IMF ignorant that we earn just about only 5% of royalties from our gold? Is the IMF not aware that we produce oil and yet earn only just about 13% of the oil revenues?”

Prof Ransford Gyampo

Expressing his view on the IMF conditionalities to Ghana, he indicated that these are measures that may impose some hardships that ideally should be endured, with the understanding that all must sacrifice in order to turn things around. He explained that they are measures that Ghana could have implemented without receiving them as orders from the IMF.

“A sovereign nation headed by a regime that touts its credentials of having the men should have known and implemented these interventions without waiting for the IMF to tell us what to do.”

Prof Ransford Gyampo

Similarly, Prof Gyampo further highlighted more concerns questioning whether the agreement was a “truly well-negotiated IMF deal” and also whether the IMF truly knows what is going on in Ghana, particularly on matters of corruption.

To this, he noted that Ghana is always caught in the quagmire of “fetching water with baskets” when it comes to corruption, yet, nothing substantial was made by the IMF to help the country check the leakages and slippages.

“Indeed, in the fight against corruption, the talk about the continuous implementation of a National Anti-Corruption Action Plan (NACAP) that exists merely in name by the document, shows that the IMF perhaps is no longer a serious institution. This is because it doesn’t appear there will ever be serious efforts at implementing the NACAP and an IMF that does not know this is bogus.”

Prof Ransford Gyampo

Furthermore, Prof Gyampo highlighted that any IMF Conditionality that is unable to answer the questions posed is a mere propaganda that seeks to inflict hardships on the poor, make Africans dependent on the West and cover up for leadership incompetence and unwillingness to sacrifice.

In light of this, he warned the government that Labor would resist any unnecessary imposition of hardships on poor people without a palpable show of sacrifice on the part of political leadership.

“The IMF must know that the Ghanaian is intelligent enough to know when a cycle of dependence is being perpetuated and we will soon resist. If the IMF truly wants to help us, then they must be bold in telling us nothing but the truth so we can wiggle ourselves out of imposed and self-inflicted hardships. An IMF that fails to do this will deepen the derogatory, (but sometimes deserving) PERCEPTION that reduces it to a spineless organization, staffed by cowards, praise singers and fun-fool respecters of failed African leaders.”

Prof Ransford Gyampo

Recommendations for government in $3 billion IMF support

Highlighting on what government must do following its securing of the $3 billion support, Prof Gyampo emphasized the need for government to achieve a primary surplus of 1.5% of GDP by 2025 through to 2028 and deepen Public Financial Management, while accelerate energy sector reforms

Additionally, he underscored the need to strengthen State-Owned Enterprise (SOE) competitiveness and efficiency; and integrate all sources of funds, HRMIS, GHANEPS and Payroll systems into the GIFMIS platform.

“Finalize the audit of COVID-19 spending prepared by the Auditor General; Prepare new guidelines for Emergency Expenditure Management; Strengthen organizational and legal arrangements for addressing corruption and enhancing accountability and integrity; and Continue to implement and update the National Anticorruption Action Plan.”

Prof Ransford Gyampo

Also, the political scientist stated the urgency to develop and implement a strategy to engage Ghanaians and all relevant stakeholders in building public awareness and broad support for the policies underpinning the Fund-supported program.

READ ALSO: Kwasi Amankwaa Deserves Credit For Improving NDC’s 2020 Fortunes- Ablakwa

Tags: CorruptionGhana NewsIMF
Please login to join discussion
Previous Post

Prof. Bokpin Expresses Worry On The Detriment Of IMF’s Policies On The Ghanaian Citizens

Next Post

Young Pakistanis Rally Behind Imran Khan

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 8, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

July 8, 2025
Dr. Cassiel Ato Forson, Gold, Ghana
General News

Ato Forson Declares War on Gold Smuggling at GoldBod Task Force Inauguration

July 8, 2025
Us Supreme Court Approves Handover Of Trump’s Tax Records
USA

House Democrats Demand Release Of Epstein Files Involving Trump

July 8, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 8, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

by Lawrence AnkutseJuly 8, 2025
Dr. Cassiel Ato Forson, Gold, Ghana
General News

Ato Forson Declares War on Gold Smuggling at GoldBod Task Force Inauguration

by Silas Kafui AssemJuly 8, 2025
Us Supreme Court Approves Handover Of Trump’s Tax Records
USA

House Democrats Demand Release Of Epstein Files Involving Trump

by Comfort AmpomaaJuly 8, 2025
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Kwasi Sibo
Rishi Sunak Joins Goldman Sachs As Adviser
Dr. Cassiel Ato Forson, Gold, Ghana
Us Supreme Court Approves Handover Of Trump’s Tax Records
[/vc_row_inner]

Recent News

  • Bright Simons Slams E&P Over Gold Mine Controversy
  • Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
  • Kwasi Sibo Eyes Black Stars Call-Up
  • Rishi Sunak Joins Goldman Sachs As Adviser
  • Ato Forson Declares War on Gold Smuggling at GoldBod Task Force Inauguration
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.