According to Kwame Pianim, a prominent economist from Ghana, the country’s economic troubles could have been avoided if the government had followed the Public Finance Management Act.
Ghana is facing a severe economic crisis that has forced it to seek a $3 billion bailout from the International Monetary Fund (IMF) to prevent its economy from collapsing.
This is the 17th time that Ghana has resorted to the IMF for assistance.
Kwame Pianim, who is also a successful businessman, expressed his concern about this situation and suggested that maybe Presidents who lead the country to the IMF should not receive any retirement benefits after their term ends.
He said in an interview with Joy News, “If you are a President and you take us to the IMF, we will not pay your retirement benefits.”
He stressed that the country needs to change its ways to stop going back to the IMF after the current programme is over.
He said, “This is the time as Ghanaians we have to sit down and notice what we’ve been doing wrong.
“They say it’s only a mad person who keeps doing the same things and expects a different result.
“We got money from COVID, what did we use it for? We have to put our cards on the table.
“The Public Finance Management Act is very clear, if we were going by it there will be no problem.”
The Public Finance Management Act, which was enacted in 2016, aims to regulate the financial management of the public sector within a macroeconomic and fiscal framework and define the responsibilities of persons entrusted with the management and control of public funds.
However, despite securing the $3 billion deal with the IMF, many finance experts and economists are not hopeful that it will solve the country’s economic woes.
They agree that it will provide some relief, but they believe that it is up to the government to do the right things to really turn things around.