Ghana has run to IMF for help 16 times - John Kwakye

Government to pump US$2 billion into economy

This economy remains virtually like a colonial type, John Kwakye

How much benefit have we derived from IMF? IEA Director

Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has asserted that Ghana has run to the International Monetary Fund (IMF) for financial assistance sixteen times.

According to him, going back to the IMF for help to address the current economic challenges now, will be the seventeenth time the Fund has extended help to Ghana.

Speaking in an interview with TV3, the Director of Research at the Institute of Economic Affairs averred that there's nothing to prove that the IMF deals benefitted the country.

He bemoaned the rate at which primary commodities were exported unrefined.

In the interview, he said, “Even Ghana, I think there was a time, for a brief period, when Ghana was touted by the IMF and the international community as star of Africa when we were listening to them and adopting their measures. Maybe because we did slightly better during the time but on a long term basis, we have gone to the IMF already sixteen times, if we should go again that will seventeen time.

“Then you ask yourself, what do we have to show for it? This economy remains virtually like a colonial type economy. We are producing primary commodities unrefined, and we don’t add enough value to it. 65-years after independence it is like we haven’t changed that much but we have been to the IMF sixteen times. How much benefit have we derived from the IMF?” he quizzed.

Meanwhile, government has hinted at pumping an amount of US$2 billion into the economy.

This forms part of “far-reaching” measures to stabilize the economy.

It is also to mitigate the economic hardship of Ghanaians.