Ghana still addicted IMF programmes that don't promote production - Dr Nyarko Otoo
Dr. Kwabena Nyarko Otoo criticised Ghana's continued dependence on International Monetary Fund (IMF) programmes on Saturday, May 16, on Newsfile, warning that "We are too addicted to IMF programmes that do not ensure production in our part of the world."
Dr. Otoo argued that Ghana continues to operate an import-driven economy despite periods of macroeconomic stability, leaving many young people unemployed years after completing school. He maintained that government's renewed push for private sector participation in ECG is simply an attempt to complete a privatisation agenda. He said that "Government is simply trying to complete the privatisation process which they could not do with a regular programme." He also stated that "At the end of 2024, ECG was collecting about GH¢900 million. Today, ECG is collecting GH¢2.1 billion." Dr. Otoo downplayed celebrations surrounding Ghana's economic recovery under the IMF programme, insisting that rising gold prices rather than IMF policies had largely supported the economy.
Dr. Otoo assured that "the unions are fully prepared and will do everything possible to ensure ECG is not privatised." He called for a complete shift in Ghana's economic policy framework, with greater emphasis on protection, industrialisation and decent job creation.
Quick Summary
Dr. Kwabena Nyarko Otoo of the Trades Union Congress Ghana has voiced concerns about Ghana's reliance on IMF programs. He suggests the nation is stuck with policies that don't help production- but what could this mean for the country's economic future?
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