A Professor at the University of Ghana Business School, Godfred Bokpin, has warned Ghanaians to brace up for difficult times under the International Monetary Fund(IMF) if programme is finally approved due to the measure and conditionalities.
According to the renowned Professor, the next two years will be a difficult period for Ghanaians if the programme that Ghana is seeking is granted.
He stated categorically that the austerity that is coming along with the IMF programme will be unbearable.
Speaking on the Ghana Tonight show with Alfred Ocansey on TV3 Tuesday October 11, Professor Godfred Bokpin said,
”Take this, the next two years is going to be harder for Ghana because, for an IMF programme to work, the necessary fiscal adjustments that this country will have to go through, I am not sure the government will even have the confidence to announce it.
“That is the reason perhaps, they are also setting up a committee to interface between the banking sector for the financial sector and then the government and the rest of the. I can tell you, the austerity that is coming will be unbearable, it could be unbearable because the level of fiscal adjustments that we need to make to accommodate an IMF programme for micro economic stability to be restored for external buffers to be created for credibility to come, inflation targeting and the rest of them, I can assure you it is going to be very painful.” He added
Meanwhile, the Finance Minister is hopeful aspects of the programme will be fast-tracked to be incorporated in the 2023 budget.
“In line with the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the programme are reflected in the 2023 Annual Budget Statement in November 2022,” he said at a recent press briefing in Accra.
Source: theGhanaianvoice.com