University of Ghana Lecturer Labels Recent IMF Programme as Costly to Ordinary Ghanaians

Dr. Patrick Asuming, a lecturer specializing in Finance and Economics at the University of Ghana, has voiced his concerns, labeling Ghana’s recent program with the International Monetary Fund (IMF) as one of the most financially burdensome for ordinary citizens. He expressed apprehensions about the sacrifices imposed by the program, deeming them both unbearable and problematic.

Participating in a panel discussion during the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, November 21, Dr. Asuming urged the government to take measures to prevent a swift return to the IMF, emphasizing the need to avoid such circumstances in the future.

Specifically highlighting the challenges posed by conditionalities like the Domestic Debt Exchange (DDEP), Dr. Asuming pointed out the significant hardships faced by businesses and households. “This is the most costly IMF programme for the ordinary Ghanaian by way of the nature and the level of sacrifices that we have been asked to make for the programme to come into being, for both ordinary Ghanaian households and businesses. A big part of the domestic debt exchange and the challenges and problems it has brought on to us, our senior citizens.”

Ghana is presently in the process of seeking a $3 billion balance of payment support from the International Monetary Fund (IMF). Ongoing discussions with external creditors aim to secure confirmation and receipt of the second tranche of the bailout, totaling $600 million.

The Graphic Business/Stanbic Bank Breakfast Meeting, themed “Fiscal Discipline: Breaking the Political Business Cycle in 2024,” focuses on addressing Ghana’s recurrent budget overruns during election years. Dr. Asuming, along with Michael Bozumbil, the Chief Executive Officer of Petrolsol, are the lead discussants at the event.

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