Financial economist Dr. Bernard Tetteh-Dumanya has urged Ghana to pursue homegrown strategies to unlock up to $40 billion in funding, bypassing reliance on International Monetary Fund (IMF) programs that he argues threaten national sovereignty.
Speaking ahead of a pivotal National Economic Dialogue in Accra next March, the expert outlined five revenue-generating pathways—ranging from diaspora bonds to public-private partnerships—that could stabilize the economy without deepening debt.
“The tools are within our reach,” Tetteh-Dumanya said, emphasizing that targeted diaspora bonds could tap into the financial power of Ghanaians abroad, while infrastructure bonds might attract long-term investors. He also stressed the need to boost small businesses through venture capital and streamline natural resource deals to curb revenue leaks. These measures, he argued, would not only generate capital but also insulate Ghana from IMF conditions that have, in his view, “crippled policy autonomy and public services” in neighboring countries like Zambia and Kenya.
The economist’s remarks come amid heated debate over Ghana’s economic trajectory. President John Dramani Mahama recently likened the nation’s fiscal state to a “crime scene,” blaming reckless spending by the outgoing administration for soaring inflation and a debt crisis that forced Ghana into a $3 billion IMF bailout in 2023. Tetteh-Dumanya, however, contends that repeating past mistakes—or depending on IMF austerity measures—will only perpetuate instability.
“IMF programs treat symptoms, not root causes,” he noted, pointing to healthcare cuts in Malawi and currency collapses in Sudan as cautionary tales. “Without structural reforms we control ourselves, we’re signing up for endless cycles of debt and desperation.”
While the proposed $40 billion target is ambitious, skeptics may question whether Ghana’s institutions can efficiently execute such complex mechanisms. Past efforts to leverage natural resources, for instance, have been marred by corruption scandals and stalled projects. Yet Tetteh-Dumanya remains adamant that the March 2025 dialogue offers a critical chance to pivot. “This isn’t about ideology,” he said. “It’s about choosing between self-directed progress or surrendering our future to foreign blueprints.”
As Ghana grapples with mounting inflation and a weakened cedi, the economist’s challenge is clear: innovate or risk irreversible dependency. The world will be watching next year’s summit to see if rhetoric turns to action.
