Former Speaker of Parliament Professor Aaron Mike Oquaye has reiterated concerns regarding Ghana’s substantial dependence on the International Monetary Fund (IMF), arguing that repeated engagements with the Fund have produced limited long-term economic benefits.
In an address at the Institute of Economic Affairs (IEA) Policy Dialogue Series on Ghana’s Natural Resource Management, Prof. Oquaye asserted that successive IMF initiatives have failed to achieve the economic recovery and transformation sought by Ghana.
“The IMF Programme has not benefited us. The IMF cannot rescue us. After two or three engagements, if there had been any relief from these programmes, we would have observed it by now and would have experienced recovery,” he emphasized.
He pointed out that Ghana’s dependence on IMF recommendations over the years has not fostered sustainable growth; rather, it has imposed restrictive measures that stifle innovation and constrain the government’s fiscal flexibility.
He suggested that it is time for the nation to reconsider its economic management strategies and pursue indigenous solutions based on the effective utilization of its rich natural resources.
“If we genuinely come to realize that this is a critical issue, we will start to question ourselves, what actions should we take? Is it by examining our gold, oil, and diamonds?” he inquired.
Ghana is currently implementing its 17th IMF-supported program, a $3 billion Extended Credit Facility (ECF) designed to restore macroeconomic stability and ensure debt sustainability.
The country is anticipated to conclude the programme by May 2026, although some analysts have expressed skepticism regarding the government’s capacity to achieve this within the proposed timeline.
Nevertheless, both President John Dramani Mahama and Bank of Ghana Governor, Dr. Johnson Asiama, have asserted that Ghana is on track to complete the programme as scheduled.
Prof. Oquaye’s remarks, nonetheless, indicate an increasing sentiment among critics that the nation’s enduring reliance on the Fund has contributed minimally to attaining self-sustaining economic growth.
