Kwame Pianim, a renowned economist from Ghana, has expressed the belief that adhering to the Public Finance Management Act would have prevented the country from encountering numerous economic challenges.
“If you are a President and you take us to the IMF, we will not pay your retirement benefits,” the Economist and successful businessman said in an interview with Joy News.
The economic problems Ghana is currently facing have led to the government seeking a bailout from the International Monetary Fund (IMF) to salvage the economy from a complete collapse. This marks the 17th time Ghana has had to resort to the IMF for assistance.
“This is the time as Ghanaians we have to sit down and notice what we’ve been doing wrong. They say it’s only a mad person who keeps doing the same things and expects a different result. We got money from COVID, what did we use it for? We have to put our cards on the table ,The Public Finance Management Act is very clear, if we were going by it there will be no problem,” Kwame Pianim said.
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In light of this situation, Kwame Pianim has raised the suggestion that Presidents who rely on the IMF for support should not receive retirement benefits after their terms in office. Pianim emphasizes the urgent need for the country to change its approach in order to avoid the recurring reliance on the IMF once the current program concludes.
Although the government has finalized a $3 billion deal with the IMF, financial experts and economists are not optimistic that it will resolve the country’s economic challenges. While they acknowledge that it may provide some temporary relief, they maintain that it is crucial for the government to implement effective measures in order to truly turn the situation around.
