Don’t repeat 2016 mistakes—Bokpin urges gov’t to rethink IMF strategy

Economist and University of Ghana professor Godfred Bokpin has raised concerns about Ghana’s IMF program. He warns that the government is too focused on short-term targets. This could lead to long-term economic trouble.

Prof. Bokpin believes Ghana may be sacrificing future economic health for temporary relief. He stated, “We are sacrificing our medium-to-long-term survivability for short-term gains.” He cautioned that while the government may seem compliant, pain lies ahead.

He drew parallels with past experiences from 2016. During another IMF-supported program, similar outcomes occurred. Prof. Bokpin noted that the patterns are too familiar to ignore.

He compared the current situation to what happened in 2016 under an IMF program. The outcomes appear to be repeating themselves, he said.

Prof. Bokpin also criticized the government's late budget presentation this year. He described it as a “nine-month budget” scenario, which burdens the fiscal system further.

He explained that since the budget was presented late in March, it only covers nine months of spending. “You have expenditure in advance of appropriation,” he added.

This approach could impact Ghana's ability to sustain growth over time. Prof. Bokpin emphasized that using a nine-month budget affects fiscal sustainability pathways.

His comments follow Finance Minister Dr. Cassiel Ato Forson’s statement about not renegotiating or extending the current IMF program in Accra.