IMF not a game changer, can never solve Ghana’s problems – Ken Thompson
CEO of Dalex Finance, Ken Thompson, has downplayed the significance of the IMF’s support to the Ghanaian economy amid the current crisis.
According to the finance expert, the involvement of the Bretton Wood Institution in the management of the economy “makes no difference at all” given the fact that this is the 17th time the country has sought for the help of the multilateral institution.
Speaking during a Twitter Space Conversation themed “Good Investment Decisions in a Time of Turmoil “ hosted by norvanreports, Mr Thompson averred the IMF can never solve Ghana’s economic problems, asserting support from the Bretton Wood Institution is not a “game changer” for the country.
In his view, the only way Ghana can properly address its economic challenges is by being fiscally disciplined and living within our means as a country
According to Mr Thompson, the pathways of success for the economy and Ghanaians, is investments in the productive sectors of the economy. Sectors such as agriculture, tourism and the development of entrepreneurship among the citizenry can help to significantly grow the economy.
“The $3bn IMF support is not a game changer, if we don’t change our behaviour, no amount of support from the IMF will help us because we are undisciplined.
“IMF or not, it doesn’t make any difference. The IMF can never solve our problems. The only way is to be sustainable and live within our means. The pathways of success for this country, is agriculture, tourism and entrepreneurship, forget about the IMF,” he told host Norvan Acquah-Hayford.
Touching on the domestic debt exchange programme – which invitations to bondholders to participate in the programme ends today, January 31, 2023, after several extensions of the deadline – Mr Thompson quipped the debt programme is only the beginning of the woes of the financial sector.
Mr Thompson says he expects, Ghanaians to lose confidence in the financial sector following implementation of the debt programme and that the government must immediately come up with measures to shore up or restore confidence in the financial sector.
“If there is no confidence in the financial sector, people don’t save and if people don’t save then there are no investments and funds for businesses to expand and grow, and when that happens then the economy is dead,” he noted.
