Benjamin Nsiah, Head of Research at the Chamber of Petroleum Consumers (COPEC) says Ghana’s economic challenges can only be resolved after the country fixes its structural problems.
The government, on July 1, 2022, announced that it had decided to engage the IMF to provide balance of payment support to Ghana as part of a broader effort to quicken the country’s build back, in the face of challenges induced by the COVID-19 pandemic and, recently, the Russia-Ukraine crisis.
The Information Minister said the US$2 billion would help increase the country’s foreign reserves, and make available to the government liquidity to deal with the external debt servicing obligations as well as balance of payment support.
He revealed that there was US$1 billion from the international capital market which is ready for the country to access, but quickly added that this would require parliamentary approval.
According to him, the country has numerous structural challenges which will always drive Ghana into economic woes periodically if they are not resolved.
“IMF cannot resolve the problems of our economy if we don’t take immediate steps to resolve our structural challenges,” he told Sefah-Danquah on Happy98.9FM’s ‘Epa Hoa Daben’ political talk show.
“We keep going to the IMF because we have failed to identify our structural challenges as a country,” he reiterated.
Benjamin Nsiah empathically stated that until Ghana makes research a priority, “we will keep going to the IMF. We need to know the country’s problems and uproot them.”
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