Ghana’s longest Finance Minister, Professor Kwesi Botchwey has predicted a difficult time for the next government in 2025. Speaking at a lecture: On the State of the Nation’s Economy and Politics: 65 years after independence – The Path to Sustainable Development and Democratic Consolidation’, Professor Kwesi Botchwey said about 1.5 billion in Eurobond principal payments would have to be made immediately the next government takes over in about three years’ time.
On the issue of whether Ghana should go to the IMF for support, Professor Kwesi Botchwey said the issue really is not whether Ghana goes to the IMF. That, he said, is a red herring. He said Ghana is a sovereign nation, and can decide whether or not to seek IMF support for its economy, adding that the IMF with all its power and leverage can simply not force a programme on the country.
Citi News reports that Mr. Botchway ruled out the idea of borrowing money from international financial agencies to revive the economy on grounds that “borrowed money always comes with strings attached. Prof. Botchwey said Ghana’s sovereignty comes with the right to manage or mismanage its economy the way it pleases. He agreed entirely with the principle of national ownership of development policy.
Ghana, he said, must know that it will reap what he called, ‘the whirlwind’ if it should fail on account of some policy choices. Organized by the ‘One Ghana Movement’ in partnership with the University of Ghana, the event was held at the Cedi Conference Centre at the University’s Department of Economics.
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