Economy of Ghana CSOs want government to extend IMF programme

A Lecturer at the University of Ghana Business School, Dr. Godfred Alufar Bokpin, said an extension of the IMF programme will drive the needed reform to improve the fiscal governance framework.

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The government of Ghana must extend the country’s IMF programme.

This is a call from the Civil Society Organisations Platform.

They argue that this will ensure the structural reforms are implemented properly.

A Lecturer at the University of Ghana Business School, Dr. Godfred Alufar Bokpin, said an extension will drive the needed reform to improve the fiscal governance framework.

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“Whatever gains we made in the first year of the programme implementation were effectively reversed during the election,” he said, adding that this in theory, effectively ended the programme as the conditions were not met.

“What we should be asking for now is to demonstrate how we can correct the deficiencies that we have seen in the programme and get back on track and probably ask for extension,” he stated.

He was speaking at the Fourth National Civil Society Forum on Ghana’s International Monetary Fund Programme in Accra on the theme: “Three Years into the IMF-Supported Extended Credit Facility Arrangement: Is the Ghanaian economy on the right path?”

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He said Ghana must take advantage of the success story it has so far with the IMF programmes.

“The IMF itself has incentive to ensure that the programme is extended because Ghana for a while had been a success of the IMF programmes in sub-Saharan Africa and they don’t want this to be tainted and if a request comes from the government, they will not say no,” he said.

Meanwhile the IMF Resident Representative in Ghana, Ms Natalia Koliadina, said though it has not been smooth the current government’s continuity of the programme shows its commitment to ensure fiscal discipline.

She was optimistic that with the help of CSOs and their demand for accountability, the economy will be more transparent.

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