Prof William Baah Boateng, Senior Lecturer and Head of the Department of Economics, University of Ghana, Legon says we will not see the full implication and impact of the IMF loan if things don’t change in the country.
Some of these things include the size of government.
Prof Baah Boateng who was interacting with Kwami Sefa Kayi on Peace FM’s 'Kokrokoo' programme further stated that, "if we don’t realize that there are economic implications for everything we do, no matter what: we can go to IMF, we can even bring the Finance Minister of UK, the Governor of the Bank of England but if we don’t stop the over politicization of everything, there is nothing we can do. We can solve it in a short term but it will come back to haunt us”.
“As a country, we don’t have a vision; all we know is manifesto which is a creation of a political party. Politics have overshadowed everything we do in the country . . . we don’t have our priorities right. We can go to the IMF but if things don’t change, we will still be marking time,” he added.
Source: Peacefmonline.com
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Bro Kwame. Thanks for this interview with Prof Baah. The central bank has to be up and doing. We have crowded the Central bank with cronies and incompetent people. The function of the central bank should be very independent to check government. But what we have here is central bank colluding with the government even when policies don't make economic sense. We have given too much power to executives to be doing these ***barred word***. We want civilian government no doubt but I now understand why the military tend to step in . These politicians always mess things up because of their selfish interest. Who does not know the size of our government is over bloated. And all we need is not more than 40 ministers in Ghana including the regional ministers. The cost of governance is too high and must cut down. In addition there is this trend of foreigners who come to get dollars out of our country. Especially our Nigerian brothers hence putting huge demand for dollars in the country. Nigerians change the naira into Cedis and then use it buy dollars and take it away from our country. We need ID system when one wants to buy dollar plus their registered trade or business details to control the over demand on the dollar. All our systems are so porous anyone just comes in do what they like mostly with corrupt people in our midst. We also have to set quotas that anyone who needs above say 3000 dollars for international purchases must apply for it from the central bank so we can track demand for dollars in the system. Additionally there should be strict laws in Ghana that no product or service must be quoted in dollars. Strictly in Cedis. Businesses who flout these rule sanctioned severely