Ghana’s 16 IMF bailouts since independence ‘doesn’t make sense’ to her president

Ghana’s President, Nana Addo Dankwah Akufo-Addo has said that Ghana has had sixteen bailouts from the International Monetary Fund (IMF) due to indiscipline in the management of public funds.

President Nana Addo Dankwa Akufo-Addo

He added that all the IMF bailouts for Ghana do not make sense to him.

He was speaking at the Jubilee House when the World Bank Vice-President for Africa, Dr. Hafez Ghanem paid him a courtesy call.

President Nana Addo Dankwa Akufo-Addo has said indiscipline in the management of the economy can no longer be entertained by those entrusted with the power to exercise executive authority in Ghana.

"We have had sixteen bailouts programmes with the IMF since independence. It doesn't make sense, largely because the discipline that we should have in the management of our public expenditure and the management of our public finances has not been there."

President Akufo-Addo said after the last IMF bailout which ended about a week ago, his government is ensuring that there is total discipline in the management of the economy.

"We think that we can do it. We are thirty million people here with considerable resources in their natural form, and if we have the policy framework and the policy options that we take are once that favour this process, we are looking at being within a decade, able to fashion a new self-sustaining economy, this is the economy we want to call the "Ghana Beyond Aid", Mr Akuf-Addo said.

On his part, Dr Hafez Ghanem commended the government for implementing the Free Senior High School (Free SHS) programme and other policies.

He added that Ghana is playing a key role on the African continent and the World Bank is looking forward to supporting Ghana to enhance its growth pattern on the continent.

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