Economist Professor Eric Osei-Assibey is calling for multi-stakeholder dialogue to ensure present and future governments are fiscally discipline to prevent the cyclical reliance on the International Monetary Fund for economic support.
According to him, managers of the economy must exhibit prudence to ensure decisions made reflect the reality on the ground.
Speaking at the Stanbic Graphic Business Quarterly Breakfast Meeting Professor Osei-Assibey who is also a Board Member of the Bank of Ghana called on all and sundry to join the fight for a stable economy.
“How do we ensure that our government is fiscally discipline? It is crucial and important, and it calls for a multi-stakeholder engagement.”
“We have to manage our economy in a way that in the next four years we won’t be going back to the IMF as the cycle as shown”, Professor Osei-Assibey who is also with the Economics Department at the University of Ghana lamented.
Director of Research at the Institute of Economic Affairs, Dr. John Kwakye, for his part said the country cannot continue to live beyond its means by borrowing, whilst doing little to raise adequate revenue.
”We have not been able to manage the economy prudently like what our peers have done and we have accumulated so much debt. The most important thing is the servicing of our debt. We have arrears in all sectors of the economy”
“Investors are dis-investing and our access to the international markets have been virtually block. We would have to work on all this”, he added.
Ghana’s debt hit ¢393.4 in July 2022, approximately 78.3% of Gross Domestic Product.
The external component of the debt is estimated at ¢203.4 billion.