Dr. Bernard Tetteh-Dumanya, a financial economist, has stated that Ghana has the ability to raise up to US$40 billion without increasing its debt stock or relying on the IMF.
He said this can be accomplished through strategic financial mechanisms such as diaspora bonds, infrastructure bonds, public-private partnerships, venture capital for SMEs, and optimized natural resource management. If strategic financial initiatives are pushed, Ghana could make more than $40 billion without IMF support.
Dr. Tetteh-Dumanya thinks that Ghana would become more dependent on IMF programs if it did not carry out these strategic financial efforts.
He emphasized that Ghana runs the risk of becoming trapped in a vicious cycle of IMF dependency and economic instability in the absence of a proactive, self-reliant financial strategy, citing instances from other African countries where IMF interventions led to weakened health systems and failed to address structural inefficiencies.
In response to recent remarks made by President John Dramani Mahama characterizing Ghana’s economic position as a “crime scene” as a result of the previous administration’s careless financial mismanagement, Dr. Tetteh-Dumanya expressed these views.
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