The International Monetary Fund (IMF) three-year Extended Credit Facility (ECF) programme for Ghana is crucial to restore its economy, Dr. Williams Abayaawien Atuilik, a consultant and former lecturer at the Methodist University has said.
Speaking at the induction ceremony organised by the Association of Certified Chartered Economists Ghana to officially induct chartered economists into the association, he said government’s fiscal discipline was a fundamental requirement for restoring the national economy.
Speaking on the topic, “Restoring the National Economy, the role of the International Monetary Fund (IMF) and the politics of economics” he said “restoring the national economy requires determined action and a deep commitment to transform the economy in a way that all Ghanaians would be truly proud of.”
Dr. Atuilik said the IMF was necessary but not the long term solution, adding that self determination by the government was all it needed to restore the national economy.
On politics of economics, he however indicated that there was no consensus on how to deal with welfare issues, poverty and economic development by political economists in the country.
This, he further explained that only long term national development plan with clear interventions by central authorities can correct maladjustments and therefore restore the national economy.
To restore the national economy, he cited effective revenue management, efficient expenditure management and control, value for money spending (avoiding waste) among others as relevant factors that were urgently needed.
On his part, Dr. John Gatsi, a Chartered Economist and Head of the Department of Finance, University of Cape Coast, said Ghana as a country had reached a point where it needed the IMF to help bring about the necessary reforms and implement policies for the restoration of the economy.
He expressed the confidence that Ghana was on course to achieving its target but steps must be taken to consolidate the gains of the programme.
“IMF is not in a position to provide all the financial needs of the country. We need to focus more on the implementation of the debt management strategy and radically improve revenue mobilisation,” he said.
By Dennis Kwame Amegede