Renowned economist, Professor Lord Mensah of the University of Cape Coast Business School (UCBS), has expressed his concerns about Ghana’s economic situation, stating that the International Monetary Fund (IMF) bailout will not magically fix the country’s economic problems. Apexnewsgh reports
According to Professor Mensah, Ghana’s balance of payment issues and huge deficits have led to a loss of trust in economic management, causing businesses and individuals to speculate and lose faith in the system. He believes that the country’s reliance on external assistance, such as the IMF programme, is a lazy approach to economic management.
Professor Mensah argues that the country needs to focus on internal measures to improve production capacity and stabilize the economy in the short to medium term. He cites the example of COCOBOD borrowing $2 billion annually, totaling $6 billion over three years, which could have been used to revamp the agricultural sector and boost exports.
The economist emphasizes that the economy is vulnerable to external shocks, particularly from the global oil market, and that the government’s reliance on passing costs to citizens is unsustainable. He urges the government to implement practical measures to address the economic challenges facing the country.
However, Professor Mensah believes that the IMF bailout is only a temporary solution and that Ghana needs to take charge of its economic management to achieve long-term stability and growth.
Source: Apexnewsgh.com
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