Rev. Dr. Samuel Worlanyo, an accomplished economist and spokesperson for the Grand Coalition, has raised a red flag regarding the overreliance of Ghana’s economy on borrowing from financial institutions like the International Monetary Fund (IMF).
While acknowledging the necessity of borrowing for government projects and initiatives, Dr. Worlanyo emphasized the importance of carefully selecting funding sources to avoid potential economic collapse in the future.
These concerns were voiced following Ghana’s recent acquisition of the third tranche of a $3 billion loan from the IMF. Dr. Worlanyo proposed a shift in strategy, advocating for a focus on strengthening domestic revenue generation through the enhancement of anti-corruption institutions and agencies.
Dr. Worlanyo highlighted the limitations of relying solely on external financial support such as the IMF for economic development, cautioning that it can result in economic stagnation. He pointed out that while the IMF provides tools for financial stabilization, it does not necessarily promote sustainable economic development.
In light of this, Dr. Worlanyo stressed the importance of implementing homegrown policies and programs to boost internal revenue generation. He also emphasized the need to empower and support anti-corruption agencies such as EOCO, CHRAJ, Police CID unit, Attorney General’s department, and the Office of the Special Prosecutor to ensure proper governance of financial resources for sustainable economic growth.
