Financial economist Dr. Bernard Tetteh-Dumanya asserts that Ghana can mobilize US$40 billion independently, emphasizing strategic financial initiatives like diaspora and infrastructure bonds, public-private partnerships, and venture capital for SMEs. He warns that failure to adopt these strategies may lead to increased reliance on IMF programs, risking economic sovereignty and stability. This discussion follows President John Dramani Mahama’s critical assessment of Ghana’s economic management.
Dr. Bernard Tetteh-Dumanya, a financial economist, has expressed confidence that Ghana can mobilize US$40 billion without resorting to an increase in debt or dependence on support from the International Monetary Fund (IMF). He suggests that strategic financial mechanisms are essential for achieving this goal, including the issuance of diaspora bonds, infrastructure bonds, public-private partnerships, venture capital for small and medium enterprises, and improved management of natural resources.
He cautions that neglecting these strategic initiatives could lead to increased reliance on IMF programs, which have historically compromised local policies and economic autonomy. Dr. Tetteh-Dumanya referred to instances in other African countries where IMF interventions have weakened health systems and failed to resolve underlying structural inefficiencies. He stressed that Ghana must avoid developing a pattern of dependency on the IMF, which could result in economic instability.
These insights from Dr. Tetteh-Dumanya were prompted by recent remarks from President John Dramani Mahama, who characterized Ghana’s current economic conditions as a “crime scene” attributed to prior financial mismanagement. Dr. Tetteh-Dumanya emphasized the necessity for proactive and self-reliant financial strategies going forward.
Dr. Bernard Tetteh-Dumanya’s insights underscore the viability of Ghana mobilizing significant financial resources without IMF dependence, provided that strategic initiatives are implemented effectively. His warning against falling into an IMF reliance echo concerns over the potential for economic instability and diminished sovereignty. The urgent need for self-reliant financial strategies is paramount to ensure a stable and sustainable economic future for Ghana.
Original Source: www.ghanaweb.com
