Dr Kofi Amoah, an Economist has described government decision to resort to the International Monetary Fund(IMF) for a bailout as a mistake.
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IMF Deal Was A Mistake - Economist
Dr. Kofi Amoah has described the IMF loan agreement between government and IMF as a mistake.
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Ghana is expecting about $940 million from the IMF over a three-year period to rescue Ghana’s ailing economy.
Dr. Amoah speaking to Citi FM believes the programme may not be beneficial to Ghanaians. His comments were made a day after the 2016 vice presidential candidate of the main opposition New Patriotic Party (NPP) Dr Mahamudu Bawumia criticised the Mahama-led administration on Tuesday for seeking refuge in the IMF when it could have avoided it.
Dr. Bawumia on Tuesday said the most significant reason Ghana resorted to the IMF for a bailout is because of unsustained borrowing and debt stock. Dr. Bawumia added that Ghana has moved from HIPC to HIMIC.
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According to to the vice presidential candidate, however, at 67% of GDP, Ghana’s debt stock has crossed the critical 60% of GDP level that developing countries with limited access to capital flows should worry about in terms of debt sustainability.
Dr. Kofi Amoah reiterated concerns raised by Bawumia , saying “the fact of the matter is that we (Ghana) are overly indebted.”
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