Forum on IMF bailout held in Accra
A lecturer at the University of Ghana Business School (UGBS), Dr Godfred A. Bokpin, has blamed the country’s economic challenges on the mismanagement of state resources.
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He said if the resources had been judiciously managed and all the loopholes plugged, there would not have been the need for the country to seek an economic bailout from the International Monetary Fund (IMF).
Delivering a paper on, “Facilitating national dialogue and advocating effective implementation of the IMF bailout for Ghana”, at a day’s national forum in Accra last Tuesday, Dr Bokpin said, for instance, that since 1978, the issue of ‘ghost names’ on government payroll had continued to be a big challenge in managing the government wage bill.
Civil Society Platform
The forum was organised by the Civil Society Platform, which seeks to promote public awareness and inclusiveness in the discussions between Ghana and the IMF to arrive at common positions on the key issues for the benefit of Ghanaians.
The dialogue brought together non-governmental organisations, think tanks, members of academia, the media, religious bodies and other professional bodies.
Debt servicing & political business
Dr Bokpin said in addition to the ghost names was the high rate of debt servicing by the country, which often left the government with less than 40 per cent of the total GDP to be shared among the various developmental needs.
He said the situation was worsened by the “political business cycle”, whereby the country went to the polls every four years, adding that there was high fiscal deficit every election year.
He called on civil society to demand accountability and question the managers of the economy on what state resources were being used for.
Inclusiveness
The Chairman of the Civil Society Platform on IMF, Mr Joseph Winful, for his part, explained that the organisation was advocating the need for citizenry involvement in the implementation of the IMF recommendations.
He contended that some serious challenges that were faced at the point of implementation in the past were partly the result of lack of consultation with stakeholders.
The Catholic Metropolitan Archbishop of Accra, the Most Rev Gabriel Palmer-Buckle, who chaired the forum, said his religious calling made it mandatory for him to seek the welfare of the people and that explained why he spoke on issues, sometimes at the peril of his personality.