Professor Patrick Asuming, a prominent economist and senior lecturer in the Department of Finance at the University of Ghana Business School, has commended the government for its success in implementing the International Monetary Fund (IMF) program. Speaking during a virtual discussion on “Public Debt and the Climate Crisis in Ghana: Promoting Economic Justice and an Integral Ecology for Citizens,” he noted significant improvements in macroeconomic indicators since 2022. However, he highlighted ongoing concerns at the microeconomic level, including rising food insecurity and an increase in multidimensional poverty.
Professor Asuming acknowledged that while the IMF program has addressed short-term challenges, it fails to tackle Ghana's deeper structural issues. “As designed, the program does not address the most important long-term challenges of the economy, such as overdependence on foreign financing and imports, and weaknesses in domestic production capacity,” he stated. He further emphasized the unsustainable debt levels and the need for reforms to address these underlying problems effectively.
In his presentation titled "Ghana’s Debt, the IMF Programme and Fiscal Accountability," Professor Asuming called for greater citizen engagement in the reform process. He warned that the absence of public input could undermine efforts to ensure that the necessary structural changes are made. “Important changes are being made to the country’s fiscal and monetary framework without citizen engagement. Citizens must be part of the conversation to ensure accountability and effectiveness in implementing reforms,” he said.
The discussion brought together key stakeholders, including multi-faith leaders, civil society organizations, academics, and journalists. Organized by Caritas Ghana, the humanitarian arm of the Ghana Catholic Bishops’ Conference, the event aimed to explore the intersections of public debt and climate crisis through the lens of economic recovery and ecological sustainability. Caritas Ghana is part of the global Caritas Confederation and operates under the National Catholic Secretariat.
Addressing the forum, Mr. Neil Thorns, Director of Advocacy and Communications at the Catholic Agency for Overseas Development, reflected on the themes of “Laudato Si, Care for Our Common Home” and the upcoming Jubilee Year 2025. He linked spiritual and practical approaches to tackling environmental and social justice issues, emphasizing the urgent need for action and reform.
Mr. Richard Akurugu, the Executive Director of Caritas Ghana, underscored the interconnectedness of Ghana’s public debt burden and the global climate crisis. “Inspired by Pope Francis’ call to hear both the ‘cry of the earth’ and the ‘cry of the poor,’ we aim to explore these pressing issues from a lens of integral ecology, seeking sustainable pathways that prioritize economic justice and environmental stewardship,” he explained.
The event formed part of the Africa Inclusive Economic Recovery Campaign Project, a partnership between Caritas Africa and Jubilee USA. It seeks to promote economic recovery while emphasizing environmental and social justice. The campaign aligns with the Jubilee Year 2025’s theme, “Pilgrims of Hope,” which aims to inspire a renewed commitment to sustainable development.
Participants discussed how the IMF program and fiscal policies could align with broader goals of economic justice and environmental sustainability. They highlighted the need for inclusive reforms that address not only Ghana’s economic challenges but also its ecological responsibilities. Key concerns included the country’s overreliance on external financing, limited domestic production capacity, and the increasing vulnerability of marginalized communities to economic and environmental shocks.
Despite the praise for the government’s management of the IMF program, Professor Asuming and other participants urged policymakers to adopt a more holistic approach to economic recovery. They called for stronger partnerships between government, civil society, and faith-based organizations to ensure that reforms are inclusive, transparent, and responsive to the needs of all citizens.
The virtual discussion concluded with a call to action for greater collaboration among stakeholders to address Ghana’s pressing economic and ecological challenges. Participants stressed the importance of integrating citizen voices into the reform process to build a more resilient and equitable economy.
This dialogue highlighted the complexity of balancing fiscal accountability with the urgent need for sustainable development. It underscored the critical role of inclusive governance and multi-stakeholder collaboration in achieving long-term economic and ecological resilience for Ghana.
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