Chances of Returning Back to IMF is High- Dr William G. Cantah
Story By: Ishmael Barfi
The chances of Ghana returning back to the International Monetary Fund (IMF) is high due to the country’s high debt rate span.
This revelation by Dr. William Godfred Cantah, a Lecturer and Economist at the Department of Economics ,university of Ghana indicates that, Ghana as a country has excessively borrowed to suppot its numerous budgets.
Dr. William Godfred Cantah made this remarks during his interaction with Civil Society Organisations ( CSOs) and the media at a round table discussion under the theme “Assessment of the Ghanaian Economy for the past eight years made the assertion”.
Speaking further, he indicated that, Ghana as a country is paying more attention to the formal sectors of the economy instead of promoting more of our local content hence making agricultural more lucrative for the youth to patronize that sector.
Especially those in the rural sectors who need to be motivated to do more to produce more crops.
Throwing more light on government high expenditure, Dr Williams bemoaned that, government spent more especially during the election processes adding that, “political leaders do spend more of nation’s revenues which affects our economy badly”.
“Ghana is the highest borrowing country as at now in the sub-Sahara Afriaca “,he stressed.
However, on the way forward to control the cost of borrowing, Dr. William Godfred Cantah emphasized on the need of we promoting our manufacturing firms.
This he believes would help us as a country to have a cheaper capital intensive personnel’s to make it more competitive in the parts of the continent to increase production of export .
Moreover,Banking sectors he noted should also introduce technologies that would reduce their cost of operations to reduce cause of borrowing.
Also Ghana he stated should move away from depending on only three main commodities; Gold ,oil and cocoa because the decline of these commodities on the international market do affect the country’s revenues generated hence affects the country economy.
Meanwhile Dr. William Godfred Cantah acknowledged that, Ghana as a country bountifully have rich and good policies but was quick to add that, implementation of these policies is the country biggest challenge hence the deficit in our budget.
The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
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