Dr. Ishmael Yamson, an economist, expresses skepticism about Ghana’s projected economic recovery within the next three years, a forecast put forward by the World Bank and the International Monetary Fund (IMF). He believes that these organizations are banking on Ghana’s economic management team to demonstrate discipline and enact responsible policies to achieve this goal.
However, Dr. Yamson remains unconvinced about the country’s ability to follow through on these assumptions, as he sees no evidence of positive change from the current government that would warrant such optimism.
During an interview on JoyNews’ PM Express Business Edition, he highlights the fundamental assumption made by the World Bank and the IMF – that Ghana will abandon previous detrimental practices and adopt a more straightforward, disciplined approach. Dr. Yamson doubts this will happen.
Furthermore, he points out that the Bretton-Woods institutions also rely on the expectation that external factors contributing to Ghana’s economic challenges will be promptly resolved. While acknowledging some homegrown issues, he believes the government tends to attribute everything to external factors, such as the COVID-19 pandemic, which he personally does not accept.
Ghana is currently following a three-year IMF program for fiscal consolidation after experiencing debt distress and being excluded from the international capital market.
Dr. Ishmael Yamson insists that the country should have no excuse for falling into a debt crisis, placing blame on leaders for misusing national resources instead of focusing on developing the country.
In summary, Dr. Ishmael Yamson expresses doubts about Ghana’s economic recovery as projected by the World Bank and the IMF. He questions the assumptions made about the government’s discipline and the resolution of external issues. Furthermore, he criticizes the misuse of the country’s resources by its leaders instead of prioritizing its development.
