Finance Lecturer at the University of Ghana Business School (UGBS) has warned that Ghana’s economy will be severely battered and may have to seek policy credibility from the International Monetary Fund (IMF).
According to him, the economy is on the verge of collapse as the country’s debt stock hits high distress levels as well as the Services and Income Account records a huge deficit.
Speaking to the host of PM Express, Evans Mensah, Tuesday, the finance expert opined that the only factor keeping Ghana from going to the IMF has to do with the cedi depreciation.
“If you look at the template that Ghana sent to the IMF in 1965 under the watch of Dr Kwame Nkrumah which is a reflection of what happenings over the years. There’s only one thing left which is keeping us from going to the IMF right now and that has to do with the depreciation of the cedi.”
“If Bank of Ghana decides to fight that, burn through our international reserves and once the international reserves deplete to a certain level, you have no choice than to go the IMF in an ambulance,” he explained.
GhanaFeed.com