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| (Dr. Patrick Asuming) |
Dr. Patrick Asuming, a notable Finance and Economics lecturer at the University of Ghana, recently delivered a critical assessment of the Government of Ghana's 2024 Budget, underscoring the need for a more transformative and forward-looking approach towards addressing the nation's structural challenges, particularly in the context of exiting its 17th IMF program.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, themed "Fiscal Discipline: Breaking the Political Business Cycle in 2024," Dr. Asuming expressed his disappointment with the budget, emphasizing its failure to fully meet his expectations for addressing the country's economic hurdles and providing a visionary path beyond the current IMF program.
Expectations for Revolutionary Measures
Dr. Asuming articulated his belief in the necessity for bolder and more revolutionary measures to address the entrenched economic challenges facing Ghana. He underscored the significance of strategic initiatives that would fundamentally reshape the trajectory of the nation's economic policies, with the goal of ensuring sustained growth and a departure from recurrent reliance on IMF programs.
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He emphasized, "I have been hoping that, given the extent of the difficulties that the economy is facing and the kind of revolutionary things that we need to do to completely change the course of how we run the economy, we will do something bolder, in terms of thinking about how we are going to reposition the economy beyond this current IMF program."
Structural Economic Challenges and the Need for Transformation
Dr. Asuming raised the alarm over two fundamental structural issues in Ghana's economy: the longstanding historical economic structure and the configuration of public finances. While acknowledging the IMF's efforts to address public finance concerns, he highlighted the vital need for a comprehensive strategy aimed at fundamentally reorienting the nation's economic framework.
He stressed, "What the IMF doesn't do enough, or it doesn’t do at all, is how we fundamentally change the way our economy works so that we cut our dependence on imports, revamp our domestic production capacity, and build a more resilient economy, and diversify our sources of exports."
From Stabilization to Resilience-Building
Drawing attention to Ghana's historical reliance on IMF interventions to stabilize economic instabilities, Dr. Asuming emphasized the imperative to shift the nation's focus from mere stabilization efforts to actively building a resilient and self-sustaining economy. He called for a reduction in import dependence and diversification of export sources as critical steps toward economic fortification and long-term sustainability.
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Evaluation of Existing Efforts and Transparent Communication
While addressing the significant emphasis on fiscal matters in the past year, Dr. Asuming expressed disappointment in the absence of a clear plan for the post-IMF era. Furthermore, he advocated for a thorough evaluation of the outcomes of existing flagship programs and an honest appraisal of past efforts, underscoring the importance of transparent communication regarding the government's accomplishments, setbacks, and future plans.
The Call for a Bolder Vision
In concluding his assessment, Dr. Asuming reiterated his hope for a more audacious and comprehensive 2024 Budget—one that outlines a clear strategy for exiting the IMF program and charts a transformative course for the Ghanaian economy, fostering sustained growth and resilience.
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