A Research Analyst at the Integrated Social Development Centre (ISODEC), Dr Adamu Abille, has questioned the extent to which Ghana’s recent economic improvements can be attributed to the International Monetary Fund (IMF) programme, arguing that domestic policy decisions have played a more decisive role.
Speaking on Channel One TV’s The Point of View on Monday, May 18, he said ISODEC does not believe the IMF programme is the primary driver of the current macroeconomic outcomes being recorded in the country.
He explained that recent stability in the economy, particularly in the foreign exchange market, is largely linked to government efforts to mobilise internal revenue, especially from the extractive sector such as gold, rather than external programme conditions.
“ISODEC is of the view that the IMF programme is not the one that delivered the economic outcomes we are seeing,” he said.
According to him, improved forex availability has helped stabilise the currency and created a sense of relative economic calm, given Ghana’s import-dependent structure, where access to foreign exchange plays a central role in price and market stability.
He noted that while these gains may be visible in key economic indicators, they do not necessarily represent a deeper structural transformation of the economy.
Dr Abille stressed that Ghana’s core economic challenge remains its dependence on imports, adding that real progress would require value addition and a shift towards local production rather than external consumption.
“So essentially our view is that it is not necessarily the IMF programme that brought us here,” he added.
This come amid the successful conclusion of Ghana’s Extended Credit Facility programme with the IMF.
Although this signals the country’s planned transition away from a financial bailout arrangement, it has moved toward a non-financing policy support framework.
According to the government, the conclusion is the restoration of macroeconomic stability and progress toward debt sustainability ahead of the original programme timeline.
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