Professor Godfred Alufar Bokpin, a distinguished lecturer at the University of Ghana, has played down the importance of whatever support the International Monetary Fund (IMF) may offer to Ghana.
He said that the IMF's prior assistance had not met its intended goals.
Despite the fact that the government regards the IMF as a last choice, he insisted that any assistance from the Bretton Woods organisation will be of little use at the moment.
The economist and finance professor stated that the country's most recent IMF assistance fell short of its year-marked goal.
"Let's avoid giving the false idea that the IMF is our only hope for economic recovery. In no way. We believe that it is our last choice at this point and that it is the last resort. And I'll explain why.
"With IMF oversight, the 16th IMF programme really failed to deliver on several programme outcomes. On Tuesday, June 28, he spoke with Winston Amoah, the presenter of JoySMS, and said, "The IMF is aware, and the government is also aware, that we could not accomplish the sustainability the manner we had envisioned, or the year designated in the original 16th IMF programme.
However, according to Professor Godfred Alufar Bokpin, had the government requested the assistance in 2021, it would have been better. "I believe we wouldn't be in this situation with the IMF programme now if we had signed up for one in 2021. Even on the domestic market, the interest rates show that we are currently borrowing more than 25%.
A prominent NPP member, Gabby Asare Otchere-Darko, stated in a tweet on Monday, June 27, that the government may reevaluate an IMF programme because, nearly two months after implementation, revenue from the Electronic Transaction Levy is far below target and therefore cannot assist the country in raising the necessary revenue to close the fiscal deficit.
He claimed on Twitter that the government has so far used the E-Levy to raise almost 60 million pounds, which is far below the projected amount.
I support the IMF in principle, said Mr. Otchere-Darko, noting that Ghana is an IMF member. The state of the globe is critical. Our excessive debt and poor income levels do not assist our situation. If the government is forced to reduce capital expenditures when investor confidence is low, it will eventually result in job losses until...
The discussion about the government turning to the Fund for assistance has been rekindled in response to this tweet.
Dr. John Kumah, the deputy finance minister, has previously stated that the government may think about going back to Bretton Woods for financial assistance to prevent problems with the economy.
He claims that if necessary, an IMF programme will be undertaken.