Economist and finance professor, Godfred Alufar Bokpin, has expressed concerns about Ghana potentially exiting its IMF programme prematurely in late 2025. He cautioned that the country may not be fully prepared to stand on its own without the oversight and support provided by the IMF.
During a discussion on the Joy FM Super Morning Show, Professor Bokpin emphasized the need for Ghana to transition cautiously from the IMF programme to ensure economic stability. He highlighted the country’s history of seeking IMF assistance multiple times, with premature exits leading to setbacks.
Professor Bokpin noted that under the IMF programme, the government is held more accountable to its citizens, with greater transparency and collaboration. He raised alarm about discrepancies in Ghana’s fiscal reporting, citing different formulas used by political parties for their benefit.
In 2022, concerns were raised about the Bank of Ghana monetizing debt, which was initially denied until the IMF’s Debt Sustainability Framework revealed the true debt-to-GDP ratio. This inconsistency in reporting poses challenges in addressing critical issues effectively.
While acknowledging some economic progress, Professor Bokpin pointed out ongoing institutional weaknesses in Ghana. He questioned the country’s institutional maturity and its ability to maintain accountability and discipline without IMF supervision.
Experts have suggested that Ghana should continue some form of IMF engagement beyond 2025 while strengthening domestic fiscal oversight institutions. Proposals include implementing binding fiscal rules, enhancing transparency in debt reporting, and improving monetary operations.
Economists caution that without maintaining discipline, Ghana risks falling back into a boom-bust cycle and needing IMF assistance sooner than anticipated. It is crucial for the country to address these challenges and build a strong foundation for sustainable economic growth.
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