Ghana: Prof Gyampo: The IMF is not a panacea for our problems.

Professor Ransford Gyampo of the University of Ghana, a political scientist, has criticized the administration for relying only on the International Monetary Fund (IMF) to address the current economic crisis.

He claims that the Bretton Woods Institution cannot solve the country’s difficulties.

According to him, the ‘one size fits all’ strategy will not work for the country in these difficult circumstances.

On Newsfile on Saturday, October 22, Prof Gyampo encouraged the government to begin working on alternative alternatives.

“The IMF is not and can certainly not be a panacea to our woes and it appears that in our country, we have a certain one-way propagandist stomach direction approach to solving every problem. They must be up and doing,” he said.

Meanwhile, the Ministry of Finance announced on Friday that the government and the IMF have agreed on the final parameters of a program to establish a Staff-Level Agreement by the end of the year.

This comes after meetings in Washington between the government and the IMF to further negotiations for a Fund-supported program (D.C).

The Ministry informed citizens in an update that“a pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Program within the shortest possible time.”

In accordance with the Staff-Level Agreement, the Ministry stated that negotiations with the IMF will continue in Accra, since the IMF team is expected within the next two weeks.

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