General News of Saturday, 17 January 2015
Source: Graphic Online
A former Minister of Finance, Dr Anthony Akoto Osei, has said the International Monetary Fund, IMF cannot help Ghana grow.
According to him, it is not the job of the IMF to help member countries grow.
Speaking on Accra-based Joy FM Saturday, Dr Akoto Osei said when a member country has a problem and needs a balance of payment support, what the IMF does is provide that country with guidelines that will bring some discipline, adding that it’s through the IMF that donor countries make donations.
He said from a historical perspective, no country had ever developed just by being a member of the IMF.
He said in other for the IMF to help a country grow, that country would have to follow certain rules and guidelines to warrant any funds from the organisation.
“It is the World Bank that is positioned to provide you soft resources to grow if you will use it well,” he noted.
Dr. Akoto Osei emphasised that the country’s economic problems were not the IMF’s fault.
“We went to ask for help. Don’t forget. They did not come and say ‘we are here to help’. We went to seek help for policy consistency and credibility so that the world can believe us.
“This two or three-year twin deficit is not the IMF’s fault,” he stated.
The former Finance Minister added that the country must have a solid structure that will enable it to grow irrespective of crude oil prices.
He said the IMF plays a role in a country’s economy, but that role does not take away the government’s responsibility of what they must do to ensure growth.