By Ashiadey Dotse
Economist and National Economic Dialogue Planning Committee member, Professor John Gatsi, has called for Ghana to strengthen its financial system to stop relying on the International Monetary Fund (IMF) for bailouts.
He believes Ghana’s repeated dependence on the IMF is due to poor economic management.
According to him, if the country builds strong financial safeguards, it can handle economic challenges without seeking external help.
“It is not magical for anybody to say we will not go to the IMF again. What has been leading us to the IMF is poor management. If we are able to build the correct buffers for all the sectors, I believe we will be solid,” he told Citi Business News.
Ghana has turned to the IMF 17 times, with the latest bailout of $3 billion secured in 2022 due to an economic downturn. The country continues to struggle with high debt, low revenue, and budget deficits, making it difficult to maintain financial stability.
Professor Gatsi, who is also the Dean of the University of Cape Coast Business School, stressed that Ghana must develop strong financial policies to avoid future IMF programs. He suggested that disciplined fiscal policies, better revenue collection, and smart investments in key sectors would help the country become financially independent.
“We will not be drifting towards the IMF at the least financial distortions or at the least threat that is directed towards the finances of this country. We will be robust, solid, and we will be relying on the buffers that we build rather than going to the IMF,” he added.
