Rev. Dr. Samuel Worlanyo, an economist and spokesperson of the Grand Coalition, has warned about the potential collapse of Ghana’s economy if it continues to heavily rely on borrowing from financial institutions such as the International Monetary Fund (IMF).
In acknowledging the necessity of borrowing for governmental initiatives and projects, Dr. Worlanyo stressed the critical importance of selecting the appropriate funding sources to mitigate possible adversities.
His remarks come on the heels of Ghana’s recent acquisition of the third tranche of a $3 billion loan facility from the IMF.
Advocating for a shift in strategy, Dr Worlanyo proposed the bolstering of domestic revenue generation through the reinforcement of anti-corruption institutions and agencies.
He contends that while the IMF provides financial stabilisation tools, relying solely on such external support for economic development can sometimes lead to economic stagnation.
“IMF is a commercial international commercial bank that gives products to stabilise your economy not to develop your economy and so any government that depends on IMF is likely to fail because our government thought that going for IMF, we will develop the country but that is a fallacy.
“So I believe we need to look at the homegrown policies and programmes that will help us to generate revenue internally. But to govern financial resources for sustainable economic development, what we needed to do is to strengthen the various anti-corruption agencies, like the EOCO, the CHRAJ, the Police CID unit, the Attorney General’s department, especially the Office of the Special Prosecutor.”
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