Mr. Kenneth Thompson, managing director of Dalex Finance, said Ghana needed effective economic management measures rather than seeking bailouts from the International Monetary Fund (IMF).
“The IMF is a circus that attracts attention but does not bring much, but with discipline and dedication, we can build our own country without depending on foreign aid,” he said. declared.
Mr. Thompson said this at the Stakeholder Engagement and Workers Appreciation Day organized by the Ghana News Agency Tema Regional Office to address issues of national concern and contribute to development.
Ghana, since independence, has requested bailouts from the IMF 17 times and is currently in the process of signing another IMF program.
Speaking on the topic: “Navigating through the current economic crisis with or without the IMF,” Mr. Thompson said the country must have a paradigm shift in attitudes and actions to break the cycle.
He called for measures such as reducing expenditure and the number of government appointees, reducing tax exemptions for foreign companies, as the country was losing huge sums of money every year because of these exemptions , and effective tax collection to raise revenues and revive the economy. Track.
Mr Thomson said there was a need to close loopholes and deal with unprofitable public companies saying the right incentives need to be in place to change behavior in these sectors.
He advocated greater investment in agriculture, tourism and service sectors by encouraging more indigenous people to venture into these businesses, saying; “There is no foreigner who will develop the country except us.”
Mr. Francis Ameyibor, Regional Director of Tema, GNA, called on economic and technical experts to explain the possible implication of the IMF bailout on the ordinary person.
“We have to start addressing general economic and national issues without the usual political colors, every time we politically mark a national issue, the state loses the people,” he said, and called for nationalism and patriotism to achieve sustainable development.