Professor of Finance at the University of Ghana, Godfred Bokpin, stated on Saturday, May 16, that Ghana’s delayed decision to seek support from the International Monetary Fund (IMF) significantly worsened the country’s economic crisis. This delay, he argued, led to one of the most expensive IMF programmes in Ghana’s history, with citizens bearing a substantial burden through measures like the Domestic Debt Exchange Programme (DDEP).
Economic Fundamentals Worsened by Delay
Professor Bokpin explained that the economic conditions in Ghana by the third quarter of 2021 already indicated a clear need for IMF intervention. However, the then-government’s delay in approaching the Fund allowed the economy to deteriorate substantially.
He contrasted Ghana’s situation with that of Kenya, which he noted acted earlier under similar economic circumstances. This proactive approach allowed Kenya to avoid some of the more severe measures Ghana was later compelled to implement.
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