IMF not a panacea to our woes – Prof Gyampo

The government has been criticized for relying solely on the International Monetary Fund (IMF) to address the current economic crisis, according to a political scientist at the University of Ghana.The Bretton Woods Institution, according to Professor Ransford Gyampo, cannot be the answer to all of the country’s problems.He asserts that the nation will not benefit from a “one size fits all” strategy in these circumstances.
On Saturday, October 22, President Akufo-Addo participated in a panel discussion on Newsfile. Prof. Gyampo urged the government to begin developing alternative solutions.“The IMF is not, and will certainly not be, a silver bullet for our woes, and it would appear that our nation takes a particular one-sided propagandist stomach direction approach to resolving each issue.He stated, “They must be up and moving.”Meanwhile, the Ministry of Finance reported on Friday that the Government and IMF have established a clear path toward the program’s final details, with the aim of achieving a Staff-Level Agreement by the year’s end.

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.