Prof. Peter Quartey: IMF Programme Boosts Ghana's Stability
Ghana’s recent economic stability is a result of concerted government efforts and continued adherence to the International Monetary Fund (IMF) programme, according to economist Professor Peter Quartey.
The former Director of the Institute of Statistical, Social and Economic Research (ISSER) emphasized that the progress isn’t attributable to a single entity, but rather a collaborative undertaking.
Speaking at the JoyNews Business Economic Forum, Prof. Quartey, who now heads the Legon Centre for International Affairs and Diplomacy (LECIAD), stated that the gains are “the product of teamwork across government, including the Presidency, the Finance Ministry and the Bank of Ghana.”
“But I also would like to acknowledge that it’s teamwork,” he said. “There are other ministers, including the President, who all work together for us to achieve what we are seeing now.”
While acknowledging the leadership of the Finance Minister and the Governor of the Bank of Ghana, Prof. Quartey underscored the crucial role of the IMF programme in restoring macroeconomic stability.
“We shouldn’t gloss over the fact that we had an IMF programme… and that is also helping us achieve the stability we are seeing,” he stressed. He further explained that without continuing the Fund-supported reforms, the current positive trajectory would have been improbable.
The economist also highlighted the importance of strong coordination between fiscal and monetary policies in curbing inflation and stabilizing the cedi. He warned that a lack of alignment between the Finance Ministry and the Bank of Ghana could be detrimental.
“The coordination especially if the minister of finance and the Bank of Ghana do not speak the same language, it’s a recipe for disaster,” Prof. Quartey said. “And I see that coordination between the fiscal and the economic here is helping a lot in achieving the stability we see.”
He concluded by noting that while numerous actors contribute to economic performance, strong leadership at the highest level is ultimately what shapes policy direction.
Image Source: MYJOYONLINE
