IMF always a short-term fix, Ghana must not rush back - PPA Board Chair

Board Chairperson of the Public Procurement Authority (PPA), Professor Douglas Boateng, has advised the ruling government against succumbing to pressure and running to the International Monetary Fund (IMF) for financial aid.

He admits the COVID-19 pandemic has affected the economy badly which has placed the government in a tight spot, adding that, it’s important government doesn’t make any rash decisions.

To him, Ghanaians asking the government to go to the IMF for aid should pick up history books to look at IMF interventions and how they affected Ghana.

“I think we should sit back and reflect on what has gone wrong. COVID-19 is here to stay and we need to come up with a plan, sit back and take stock as to how we can compete and create jobs for the youth,” he shared in an interview with Samuel Eshun on the Happy Morning Show.

According to him, a poor person who goes to the bank for help only makes their situation worse and does not ease their burden.

“Going to the World Bank and IMF for help is only a short-term solution. We should all look at the interventions of the IMF from the 1970s and after weighing the consequences, we will not push that idea.”

A cross-section of the public and some financial brains have called for the government to turn to the International Monetary Fund (IMF) for financial assistance amid Ghana’s economic challenges.

They argue that Ghana’s economic situation will deteriorate further if the government fails to seek financial support from the IMF.

Rather than resorting to the IMF, the governing New Patriotic Party (NPP) says it will focus on generating revenue domestically through the implementation of the e-levy.