By Elizabeth Larkwor Baah, GNA
Tema, May 18, GNA — Dr Daniel Osabutey, Senior Lecturer at Accra Technical University Business School, says political courage, institutional discipline and collective national commitment are needed if Ghana is to avoid another bailout from the International Monetary Fund (IMF).
Dr Osabutey said Ghana’s exit from the IMF support programme should not only be viewed as an economic achievement but also as a critical moment for national reflection and responsible economic management.
He told the Ghana News Agency (GNA) in an interview that the country’s long history of returning to IMF programmes demonstrated the need for stronger fiscal discipline and long-term economic planning, saying that Ghana has entered IMF programmes 17 times since independence due to rising public debt, currency instability and persistent fiscal challenges.
Dr Osabutey noted that excessive government spending, especially during election periods, continues to threaten economic stability, stressing that political leaders must place national economic interests above short-term political gains if the country is to avoid another financial crisis.
He further stated that fiscal responsibility must become a permanent national policy rather than a temporary measure adopted during periods of economic difficulty, adding that public borrowing should focus on productive investments capable of generating sustainable economic returns instead of financing recurrent expenditure.
The senior lecturer also highlighted the importance of strengthening domestic production to reduce Ghana’s dependence on imports, saying that excessive importation of food, fuel, pharmaceuticals and industrial products continues to weaken the local economy and expose the country to external shocks.
He called for deliberate investment in agriculture, agro-processing and local manufacturing to support industrial growth, create jobs, and improve economic resilience.
On revenue generation, Dr Osabutey emphasised the need for reforms that would expand the tax base through digitalisation, transparency and improved efficiency and explained that citizens were more likely to comply with tax obligations when they saw accountability and visible national development.
He said the frequent changes in government programmes after political transitions discourage investment and slow national development and therefore urged political leaders to prioritise continuity in key sectors such as energy, education, infrastructure and industrialisation.
Dr Osabutey described corruption as a major economic threat that weakens investor confidence and drains public resources, stressing the need for stronger institutions, transparent procurement systems and independent oversight bodies to ensure accountability.
He said avoiding another IMF bailout would require commitment from both the government and citizens, adding that sustainable economic independence could only be achieved through discipline, responsible leadership and strategic national planning.
GNA
Edited by Laudia Anyorkor Nunoo/Kenneth Odeng Adade
Reporter: Elizabeth Larkwor Baah