Public Intellectual Professor Stephen Kwaku Asare, known widely as Kwaku Azar, has lamented Ghana’s inability to learn from its economic mistakes that push the country every four years on average to seek economic support from the International Monetary Fund (IMF).
Ghana is currently negotiating with the International Monetary Fund (IMF) for its 18th economic Programme from the Bretton Wood institution since it attained Independence in 1957.
According to Government Communicators notably Information Minister Kojo Oppong Nkrumah, the country is seeking the program to help it deal with the balance of payment challenges induced by the Covid-19 pandemic and the Russia-Ukraine war. But experts such as Economist and Political Risk Analyst Dr. Theo Acheampong have disagreed, insisting that notwithstanding the impact of COVID-19 and the Russia-Ukraine Crisis, it is the structure coupled with how it is being managed that has occasioned the current need for a bailout.
“On average, we go to the IMF every 4 years. That means we are not learning from our mistakes,” Kwaku Azar asserted.
Ghana first went to the IMF in 1966 and has since returned to it many times for help, mostly to deal with the balance of payment challenges such as high inflation due to the fall of the Cedi, inadequate FX, and so on.