Breaking IMF Jinx: How Ghana Can Avoid 18th Bailout if Dialogue Outcomes are Implemented – Dr. Yamson’s Take—–Chairman of the National Economic Dialogue Planning Committee, Dr. Ismael Yamson is expressing his optimism that the proposals from the dialogue, if implemented, could help the country break the jinx of the continuous bailout from the International Monetary Fund (IMF).
Dr. Yamson says if the government sticks to the reset agenda and strictly and urgently implements the suggestions from the forum, the country will not seek the assistance of the IMF for the 18th time.
The chairman says it is a shame that a country of 68 years old would seek assistance from the Bretton Woods institution for 18 times in its history.
Since independence, the country has grappled with economic challenges at various times, leading to the resolve to seek external international assistance 17 times. Currently, Ghana is under a $3 billion IMF Extended Credit Facility (ECF) after an economic crisis in 2021 and 2022 forced the then Nana Akufo-Addo-led government to seek support for the 17th time.
Dr. Yamson says it is time for the country to wean itself and break free from the cyclical dependency on external financial bailout.
In an interview monitored by Brand Focus Africa, the chairman indicated that the outcomes of the economic dialogue hold the key to breaking the Ghana-IMF jinx. He says the proposals encompass strategies aimed at fiscal discipline, diversification of the economy, and strengthening domestic revenue mobilization.
“How can a country that is 68 years, go to the IMF to be rescued 17 times. Let us pray that we don’t go the 18th time. The situation is difficult but it is not hopeless. I still have hope that if we take through the reset agenda, as we have all diagnosed and made proposals, we should not go for the 18th time,” the chairman of the planning committee indicated.
In addition to the implementation of the outcomes of dialogue, he is calling for a sense of patriotism and nationalism that existed in the day of the country’s first president, Dr. Kwame Nkrumah.
With these conditions, he believes the country can gain its economic independence which has eluded Ghanaians for 68 years despite the political independence and freedom from colonial rule.
He emphasized that while the current economic situation is challenging, it is not insurmountable. By embracing the recommendations from the dialogue, Ghana has the opportunity to break the cycle of dependency and chart a path toward self-reliant economic prosperity.
