By: Kwaku Boakye Karikari
Ahead of governments IMF bailout a National Civil Society forum has been held in Accra to look at the way forward and how Civil Society Organizations (CSO) could contribute ending the visitation of IMF by successive governments.
Mr. Kofi Bentil of IMANI Ghana speaking at the forum stated that the International Monetary Fund (IMF) bailout was always going to be the only way out because of the financial indiscipline of the country and the situation government finds itself clearly reflects the country’s failure to enhance discipline.
He also noted that the country could raise the $1.5 billion IMF is expected to give to the country spread over three years in just a year from oil, cocoa and port revenues.
He however stated that financial indiscipline would not allow us to go that path and hopes that we take cue from the discipline IMF would ensure government adheres to.
Dr. Godfred A. Bokpin, Senior Lecturer from the University of Ghana and a researcher also speaking on the IMF bailout stated that 2015 should be a year of stabilization and not a year of growth.
According to him, the unavailability of credit for the private sector and SME’s and over focusing on the public sector which is virtually chocked would continue to hinder economic growth if not checked.
He further stated that the weak export and high import rate of the country is also a factor to the ailing economy of the country.
Dr. Bokpin however averred that if the country ensures prudent expenditure, strengthen the public sector financial mgt, streamline subverted organisations and does fiscal stabilization that embodies revenue enhancement and expenditure restraint the economy is likely to begin to rise and gain confidence.
