Professor Henry Kwasi Prempeh, the Executive Director of the Ghana Center for Democratic Development (CDD-Ghana) has urged the government in revealing ‘domestic IMF substitute’.
Speaking to Citizen’s Coalition, Prof. Henry said, it would be the best decision if the government comes out with the domestic IMF substitute. This would help seize the dependency on the International Monetary Fund (IMF). Prof. Henry made this appeal during the discussion on the “Interrogating Ghana’s 2023 budget and Economic Policy as a pathway to Economic recovery”.
“Part of what I think has gotten us to this problem, is that when we started off the Eurobond thing, it was good…but I think that given the nature of our politics and our governance, it should have been very clear to us that we need a domestic IMF substitute. That is, if IMF is not there, you need yourself to put in certain guard rails and certain institutional frameworks, so that you will be more fiscally responsible and not have to go back to the IMF”.
According to Professor Henry, the country’s Fiscal Council is not capable of instituting discipline. “We have an IMF substitute on paper called fiscal council and even the one that was on paper was really not that strong. If you want to go to the IMF and you are still not fiscally disciplined, it won’t work”.