IMF gains should not celebrated yet - Kofi Bentil
Kofi Bentil cautioned against premature celebration of Ghana's recent economic improvements under the International Monetary Fund programme. He argued that the country has achieved stability but not meaningful structural reform. Mr. Bentil's comment follows the announcement of the end of Ghana's three-year US$3 billion loan-supported programme. Ghana says it has effectively completed its IMF programme after reaching a staff-level agreement on the final review of the country's support arrangement.
Speaking on JoyNews' Newsfile on Saturday, May 16, Mr. Bentil acknowledged that key macroeconomic indicators have improved since Ghana entered the IMF-supported programme in 2023. These include an increase in international reserves, improved import cover, and a relative strengthening of the cedi against the US dollar. He stressed that these gains should not be mistaken for a full economic turnaround, insisting that Ghana's underlying structural weaknesses remain unresolved. According to him, the economy is currently experiencing stability rather than transformation, warning that stability alone is not sufficient for long-term resilience.
Mr. Bentil noted that Ghana has repeatedly sought assistance from the IMF over the years, describing the pattern as evidence of a deeper structural problem in economic management rather than isolated fiscal crises. He further cautioned that while IMF programmes often bring short-term stability through strict policy controls, such gains are not always sustained once external supervision ends.
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Kofi Bentil of IMANI Africa is speaking out about Ghana's economic improvements under the IMF programme. He suggests that while there's been progress, deeper issues remain - but what are they?
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