Bokpin applauds gov’t IMF stance but warns against complacency – Nsemkeka
An economist at the University of Ghana Business School, Professor Godfred Alufar Bokpin, has welcomed the government’s current posture in managing the economy under the IMF programme but has warned against complacency.
Speaking on Joy FM’s Super Morning Show on Tuesday, May 27, Prof Bokpin noted an encouraging willingness from the government to take advice.
“I think I like this attitude; they are willing to embrace suggestions going forward, and I think that is very good. It’s a win for Ghana,” he remarked.
However, he was quick to temper this optimism with caution.
“The only thing is, because it’s coming from politicians, we are a bit more on the defensive side,” he said.
The caution stems from a series of similar promises in the past that were never fully realised.
“When we applied for the 16th IMF-supported programme on August 6, 2014, a similar statement was made — that it was going to be our last time. When President Akufo-Addo took over, he said the same — that it would be the last time,” Prof Bokpin recalled.
He emphasised that the real challenge lies ahead, particularly as the nation edges closer to the 2028 general elections.
“The real test is when the challenges begin to mount in the run-up to the elections — whether we can continue to ensure fiscal discipline with the required transparency, disclosure, and sound accounting treatment. Those are the real issues,” he stressed.
Prof. Bokpin also emphasised the importance of auditing and fiscal clarification in determining the actual deficit figures.
“The data we’ve been working with, including the staff-level agreement, was based on preliminary reports. The audit and clarification of arrears will help us determine exactly what the fiscal deficit was by the end of December 2024.”
Commenting on recent discussions about local borrowing capacity, the economist urged caution and thorough oversight.
“We need to be mindful of how all of these will be accounted for within our public debt accountability and disclosure frameworks,” he said.
Nevertheless, he acknowledged the government’s effort to accelerate reform milestones.
“For now, I will give the government the benefit of the doubt, and I agree with the minister that they had to fast-track some of the structural benchmarks initially slated for June to September 2025.”
Prof. Bokpin called for clear communication on Ghana’s exit plan from the IMF programme.
“I believe it’s still early days, but the government would be working on its exit strategy and communicating this to Ghanaian stakeholders,” he concluded.