Former Speaker of Parliament, Professor Aaron Mike Oquaye, has criticized the country’s long-standing dependence on the International Monetary Fund (IMF), contending that the nation’s repeated engagements with the Fund have failed to deliver meaningful or lasting economic progress.
Delivering remarks at the Institute of Economic Affairs (IEA) Policy Dialogue Series on Ghana’s Natural Resource Management, Prof. Oquaye argued that successive IMF interventions have not achieved the economic revival and transformation the country has been seeking for decades.
“The IMF program has done us no good. The IMF cannot save us. After two or three visits, if these programs held any real promise, we would have witnessed tangible improvement by now,” he lamented.
He claimed that Ghana’s continued adherence to IMF conditions has stifled innovation and restricted the government’s financial flexibility, resulting in growth that is neither sustainable nor self-driven.
Prof. Oquaye urged policymakers to chart a new course focused on domestic strategies and the prudent management of the country’s rich natural resources.
“If we finally accept that this path leads nowhere, we must begin to ask ourselves the right questions—should we not be focusing on our gold, oil, and diamonds?” he questioned.
Ghana is currently under its 17th IMF-backed arrangement, a $3 billion Extended Credit Facility (ECF) intended to restore macroeconomic stability and ensure debt sustainability.
The program is expected to conclude in May 2026, though some analysts doubt the government’s ability to meet that deadline.
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