Washington DC Video Production Services: "Economic Stability is Like Fresh Air," The IMF in Ghana
Channel: Dorst MediaWorks
Date: 2019-04-18

Ghana’s economy is thriving, and here are a few reasons why.

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RESOURCES

https://www.imf.org/external/index.htm
https://www.facebook.com/imf/
https://www.linkedin.com/company/international-monetary-fund/
https://www.instagram.com/the_imf/
https://twitter.com/imfnews


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TRANSCRIPT

Mansa Nettey, CEO, Standard Chartered Bank: Ghana is a developing country, and we still have weak institutions. Our elections are such that sometimes the government feels under great pressure to spend to sort of win over the electorate.

Godfrey Bokpin, Lecturer, University of Ghana: All the major competitive elections, we tend to overspend. 

Mansa Nettey, CEO, Standard Chartered Bank: And this results in wide fiscal deficits.

Godfrey Bokpin, Lecturer, University of Ghana: So when you look at it from 1992 to 2016, the major election comes and then we destroy the fundamentals of the economy.

Godson Aloryito, Coordinator, Economic Governance Platform: We do things that are unbudgeted in the name of political expediency, at the expense of other critical investments.

Godfrey Bokpin, Lecturer, University of Ghana: It comes at a cost to the country. It comes at a cost to citizens. It comes at a cost to the private sector.

Mahamudu Bawumia, Vice President: Macro-stability is like fresh air. You really value it when it disappears and you see all these costs.

Kofi Bentil, Vice President, IMANI: I am happy the IMF is coming back. But I'm very disappointed, because any time I see the IMF I see our failure as a people.

Daniel Yaw Domelevo, Auditor-General: One of the advantages of being in the program is the discipline in economic management that you subject yourself to face.

Mahamudu Bawumia, Vice President: The Fund was very flexible actually in helping us to proceed with the program. 

Mahamudu Bawumia, Vice President: We realized that all the macroeconomic indicators were pointing in the right direction. Inflation was coming down, interest rates were coming down. The data showed evidence that we were getting back on track.

Godfred Bokpin, Lecturer, University of Ghana: We've made considerable progress. We've seen fiscal discipline taking root.

Tony Oteng-Gyasi, CEO, Tropical Cable & Conductor: The stability the IMF program brought was important for us. In order to be able to plan.

Godson Aloryito, Coordinator, Economic Governance Platform: We have made progress, but a lot of work lies ahead.

Kofi Bentil, Vice President, IMANI: The biggest risk going forward is our four-year election cycle.

Godfred Bokpin, Lecturer, University of Ghana: My fear and my concern has to do with the next election. If we are able to keep to the fiscal discipline even as we go into the 2020 election, it will be very important for us.

Godson Aloryito, Coordinator, Economic Governance Platform: The current arrangement with the IMF has brought a lot of positives.

Samuel Arkhurst, Director of Debt Management, Ministry of Finance: Behind the entire program was a very, very solid technical assistance. 

Mahamudu Bawumia, Vice President: We've benefited I think a lot from that collaboration. 

Mansa Nettey, CEO, Standard Chartered Bank: Ensuring that a country sustains its macroeconomic stability is very key, and we hope that Ghana continues to do this.

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