Finance and Economics lecturer at the University of Ghana, Dr. Patrick Asuming, critiqued the 2024 Budget of the Government of Ghana, saying it fell short of his expectations on how the country was dealing with its structural challenges and exiting its 17th IMF programme.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, held on the theme, “Fiscal Discipline: Breaking the Political Business Cycle in 2024,” Dr. Asuming said that the budget aligned with IMF programme as it was consistent with the ongoing IMF targets.
He however, voiced his expectation for a bolder approach, emphasizing the need for revolutionary measures to address the economic challenges faced by the nation.
“Personally, I have been hoping that given the extent of the difficulties that the economy is facing and kind of revolutionary things that we need to do, to completely change the course of how we run the economy, I’d been hoping that, you know, we will do something bolder, in terms of, you know, thinking about how we are going to reposition the economy beyond this current IMF programme, something that will ensure that we don’t come back here.”
Current IMF programme is the most costly to ordinary Ghanaians – Dr Patrick Asuming
Expressing concern over the structural problems in Ghana’s economy, Dr. Asuming highlighted two key issues: the longstanding structure of the economy dating back to pre-independence times and the structure of public finances. While acknowledging the IMF’s efforts in addressing public finance issues, he stressed the need for a comprehensive plan to fundamentally transform the economy.
“So if you look at the IMF programme, a lot of it is trying to address the problems with our public finances – the way we raise revenue and the way governments spends it, as well as the governance processes around it. What it 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 and revamp our domestic production capacity and build a more resilient economy and diversify our sources of exports.”
“The IMF number 17 will not do that for us. When we go to the IMF, what it does for us is to help us stabilise the instability that we have. The question is how we build on that,” stated Dr. Asuming.
He called for a shift in focus from stabilising to building a more resilient economy, reducing dependence on imports, and diversifying export sources.
Full text: Government’s 2024 Nkunim Budget Statement and Economic Policy
Addressing the fiscal side, which he said was a significant focus in the past year, Dr. Asuming expressed disappointment in not seeing a clear plan for the post-IMF era.
While acknowledging the mention of certain elements, he noted that these had been discussed previously and emphasised the need for an updated, detailed strategy with an assessment of past efforts.
Dr. Asuming urged the government to evaluate the outcomes of existing flagship programmes and consider necessary adjustments. He emphasised the importance of transparency in communicating the government’s achievements, failures, and plans for the future.
He said he had hoped for a bolder 2024 Budget, with a clear strategy for exiting the IMF programme and transforming the economy to achieve sustained growth and resilience.
Highlights of government’s 2024 Budget Statement and Economic Policy
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