Business General

IMF not a panacea to our woes – Prof Gyampo

A political scientist at the University of Ghana has criticised the government for solely relying on the International Monetary Fund (IMF) to address the current economic crisis.

Professor Ransford Gyampo says the Bretton Woods Institution cannot be the panacea for the country’s problems.

According to him, the ‘one size fit’ approach will not work for the nation in these times.

Contributing to a panel discussion on Newsfile on Saturday, October 22, Prof Gyampo asked government to start working on other solutions.

“The IMF is not and can certainly not be a panacea to our woes and it appears that in our country, we have a certain one way propagandist stomach direction approach to solving every problem. They must be up and doing,” he said.

Meanwhile Ministry of Finance on Friday said the Government and IMF have reached a clear path towards the final details of a programme with the goal of reaching a Staff-Level Agreement by the end of the year.

This follows meetings between the Government and the IMF advancing negotiations towards a Fund-supported Programme in Washington (D.C).

In an update to citizens, the Ministry stated that “a pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme within the shortest possible time.”

The Ministry indicated in pursuance of the Staff-Level Agreement, negotiations with the IMF will continue in Accra, as the IMF team is expected within the next few weeks.

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