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IMF deal: Akufo-Addo failed to resolve economic crisis urgently – Professor Bokpin

One economist, Professor Godfred Bokpin, questioned the government’s ability to restore Ghana’s economy to solid ground through the implementation of the IMF programme.

This comes after President Akufo-Addo admitted that the bailout does not mean an immediate end to the current difficulties. In a national address on Sunday, the president said the approval instead represented a positive step towards getting the country back on track.

“IMF loan will not immediately eliminate the difficulties we are facing. But the fact that we can negotiate such an agreement sends a positive message to our trading partners, creditors and investors. “A positive message will be underpinned by the discipline, hard work and entrepreneurial spirit with which we run the program. It will lead to the restoration of trust and the reopening of closed roads. with us for a year and a half.

This will also lead to the resumption of many infrastructure projects that have been delayed,” he said. But Professor Bokpin is not optimistic about the government’s ability to get the country’s economy back on track.

He argued that, unlike the Covid-19 pandemic that brought together experts from across the country, the current economic crisis is handled by only the government and its officials, so there is a high probability that it is related to failure by government headed by Akufo-Addo

“Regarding Covid, you can see that the group of experts mobilized by the government covers the whole of society and so the question of politics and the rest has probably been muted a bit. You’ve got the best Ghanaian scientists from the University of Ghana’s Noguchi Memorial Institute, you couldn’t get better.

“Somehow broad and inclusive. I don’t feel the economy is as important as covid and that’s a shame because we have to declare war on our economic situation and we have to tap into the expertise of every Ghanaian regardless of their political party. They’re among the best institutions in this country,” he explained.

“what I wanted to hear I did not, I don’t feel any degree of regret said Professor Bokpin ,“I don’t feel that Ghana has address its economic crisis as urgently as we have approached Covid ahead of the President’s speech

“It’s not very clear and you can see that in the case of the economy it shows why the government reacted so late and in the case of Covid it also shows why. why if you choose any expert no matter what political party you belong to is likely to give a better and more informed judgment.

The country received first $600 million of the IMF’s $3 billion Extended Credit Fund (ECF). This money will be used for balance of payments and budget support, as well as to stabilize exchange rates and control inflation.

Another round of funding is expected to be disbursed in June 2023, when the IMF delegation visits Ghana to review country program considerations. There will be another review before December 2023 before the last disbursement

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