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Ghana Has Been To IMF 16 Times But Nothing To Show For – Kwakye
Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has dismissed suggestions to the government go the International Monetary Fund (IMF) for support.
He said Ghana has already been to the Bretton Woods institution sixteen times but with nothing to show for.
Dr Kwakye stated in an interview with TV3’s Alfred Ocansey that the IMF has not been popular in most developing countries especially in Africa.
He said “The IMF in general has not been popular not only in Ghana but in developing countries in general, especially in Africa. We don’t have good examples to show that because of IMF’s involvement in a country over a period, this is what we have achieved or this is what we have to show for it.
“Even Ghana, I think there was a time, for a brief period, when Ghana was touted by the IMF and the international community as star of Africa when we were listening to them and adopting their measures. Maybe because we did slightly better during the time but on a long term basis, we have gone to the IMF already sixteen times, if we should go again that will seventeen time.
“Then you ask yourself, what do we have to show for it? This economy remains virtually like a colonial type economy, we are producing primary commodities unrefined , we don’t add enough value to it, 65 years after independence it is like we haven’t changed that much but we have been to the IMF sixteen times. How much benefit have we derived from the IMF.”
