Former Minister and Chairman of the National Democratic Congress (NDC) Business Development Committee, Dr. Ekow Spio-Garbrah, has attributed Ghana’s repeated reliance on International Monetary Fund (IMF) assistance to poor fiscal discipline.
According to him, this trend of IMF dependence has eroded investor confidence and undermined the cedi, worsening economic challenges in Ghana.
Speaking on Asempa FM’s Ekosii Sen show, Dr. Spio-Garbrah argued that the government must balance revenue and expenditure to reduce the national debt and build trust in the currency.
He cautioned that continuous borrowing leaves “every Ghanaian walking with debt” and added that until fiscal reforms are adopted, the government cannot fulfill every demand for public services.
“One of the biggest impediments to economic development in Ghana is the overwhelming debt that many Ghanaians carry. We need to create more fiscal space to spend effectively, especially in times of crisis. The world lacks confidence in Ghana’s currency because it is underperforming.
“The management of the cedi is a primary issue facing the country. Investor confidence is low, and as long as we continue borrowing from the IMF, we need to adopt sound economic practices. Every time we enter an IMF program and experience a slight relief, we inevitably find ourselves returning to the same problems in terms of economic management.
“We need to learn how to balance our expenditures with our revenue; you cannot spend more than you earn. There are too many demands on the government for services, and while citizens expect the government to do everything, it simply cannot. We need to manage our expectations and focus on realistic solutions,” he said.
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