By: Jennifer Nerkie Kenney
The Dean of the Faculty of Accounting at the University of Professional Studies, Accra, Professor Isaac Boadi, has described Ghana’s exit from its International Monetary Fund (IMF) programme as a significant milestone for the economy.
Speaking on GTV’s Current Agenda programme on Saturday, May 16, Prof Boadi said the development marks the beginning of a new phase in Ghana’s economic management.
“We are no longer going back to the IMF for money. What it means now is that we are moving into a new phase where the IMF will only supervise and monitor our economic policies,” he said.
According to him, the staff-level agreement reached with the IMF indicates that Ghana has substantially met the programme’s requirements and is awaiting final approval by the IMF Executive Board.
Prof Boadi said the programme helped Ghana achieve key macroeconomic gains, including lower inflation, stronger foreign reserves, appreciation of the cedi and a primary fiscal surplus.
He noted, however, that the country should not become complacent.
“As we rejoice that we have exited the programme, we should also not forget the issues raised in the same report,” he cautioned.
He cited contingent liabilities, weaknesses in state-owned enterprises, challenges in the energy sector, delays in structural reforms and vulnerabilities in the financial sector as key concerns highlighted by the IMF.
Prof Boadi stressed that Ghana must now focus on building a resilient economy and implementing long-term reforms to avoid returning to the IMF for future support.
“If we truly want to break this cycle permanently, then we must ask what we need to do as a country to achieve lasting economic independence,” he said.
