Prof. Bokpin criticizes Gov’t’s approach to restoring debt sustainability
Renowned financial economist, Professor Godfred Bokpin, has expressed his discontent with the Government’s method of restoring debt sustainability, describing it as needless and poor. He argues that the chosen approach will impose further hardships on Ghanaians instead of promoting economic growth.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, Professor Bokpin emphasized the need for the government to explore alternative strategies that foster private sector growth and support the overall economy.
“In times of crisis, the goal should be to pursue expenditure cuts that actually promote growth,” Professor Bokpin remarked. He emphasized that the current method chosen to restore debt sustainability could exacerbate the economic challenges faced by the citizens. He urged the government to consider more innovative and inclusive approaches that prevent undue hardships on the population.
Furthermore, Professor Bokpin questioned the efficacy of the International Monetary Fund (IMF) as an entity capable of transforming economies. He argued that the IMF does not possess a single case study in which it has successfully driven significant economic transformation in any country. This observation raises important questions about the reliance on external institutions and the need for Ghana to prioritize homegrown solutions for sustainable economic development.
In a separate development, Benjamin Boakye, the Executive Director at the Africa Centre for Energy Policy, has criticized Ghana’s procurement processes, highlighting rampant fraud within the system. Boakye expressed his concerns about the negative impact of corruption on the country’s economic development. He referred to the procurement system as the “biggest crime” in Ghana, lamenting the persistent corruption despite periodic reviews and reform efforts.
Boakye’s remarks shed light on the urgent need for comprehensive reforms and strengthened accountability in Ghana’s procurement sector. Addressing the challenges associated with corruption is crucial to ensure transparency, fairness, and efficiency in public procurement, ultimately bolstering economic growth and development.
The criticisms raised by both Professor Bokpin and Benjamin Boakye reflect the growing sentiment among economists and experts regarding the need for Ghana to adopt more effective and sustainable economic strategies. The focus on private sector growth, coupled with the urgency to address corruption in procurement, underscores the importance of a well-functioning and transparent economy that benefits all Ghanaians.
As Ghana navigates the challenges of debt sustainability and economic recovery, it becomes imperative for policymakers to carefully consider alternative approaches, engage in comprehensive reforms, and prioritize strategies that empower the private sector. By doing so, Ghana can pave the way for sustainable growth, job creation, and improved living standards for its citizens.
