Enoch Okomfo Okonah says IMF Bailout is not a panacea to Ghana’s economic challenges

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Enoch Okomfo Okonah
Enoch Okomfo Okonah

Mr Enoch Okomfo Okonah, an economic analyst, Tuesday said the International Monetary Fund (IMF) bailout is not the panacea to tackling Ghana’s economic woes.

He has, therefore, asked the Government to do more to create an enabling environment for the private sector to thrive.

He told the Ghana News Agency (GNA) in an interview in Sunyani that even though the US$3 billion bailout would bolster and reinforce the country’s economic recovery process, Ghanaians must manage their expectations concerning the loan.

Mr Okonah said he was optimistic that the money would help stabilise inflation, lower the debt level and restore confidence in the banking sector.
The high unemployment rate had positioned the citizens to “suffer a high dependency burden,” he said, and urged the Government to support the private sector to thrive, expand and create employment opportunities for more people.

He said job creation held the key to poverty reduction and since the Government could not absorb everyone into the public sector, there was the need for re-focus and prioritisation of the private sector to grow.

“This will pave the way for the sector to contribute meaningfully towards the national economic recovery processes.”

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