Kwame Payanim warns of Ghana’s economic rehabilitation through dependence on foreign experts and IMF loans | Economy

Economist Kwame Payanim has expressed concern about the direction of government activities in Ghana following the financial crisis.

In an interview with Joy FM, Mr Pianim criticized the government’s tendency to cede control to foreign experts and resort to continuous borrowing from the International Monetary Fund (IMF), which he sees as an indication of incompetence.

Expressing disappointment with the leadership of the country, he said that he expects better performance after 66 years of independence.

“We have a borrowed Finance Minister and Parliament supported him to borrow. We are now sitting in the Ministry of Finance to hold the hand of one Ken Ofori-Atta from the US Treasury. Ken once said – we went to school with him. White boys – we are as good as them,” he said. Said.

“Now someone is sitting there, holding his hand, giving him a tutorial in what? And we are paying someone with Swiss funds sitting in the Bank of Ghana. Our governor used to advise other countries. And we are being recolonised,” he said.

According to Mr Pianim, government projects often cost double the suggested price due to inefficiency and corruption.

As a result, he does not believe that Ghana’s debt should be forgiven but should be restructured to force the government to pay, thereby preventing it from reckless borrowing.

Mr. Pianim recommended focusing on creating home-grown solutions to address current economic problems instead of relying on the IMF in times of crisis.

Speaking on the recent passage of three tax bills by Parliament, Mr Pianim expressed indifference to their purpose, saying that growth and fiscal sustainability had nothing to do with it.

“This levy has nothing to do with growth, it has nothing to do with fiscal sustainability. This is a lie,” he said.

He advised the government to be transparent with the people of Ghana.