<\/p>\n
The Vice-President of the Islamic University, Dr Gamel Nasser Adam, has stated that the International Monetary Fund (IMF) cannot solve the country\u2019s economic difficulties.<\/p>\n
He explained that the IMF\u2019s loyalty was to its main sponsors and multinational corporations for whom it endeavoured to create the right environment to enable them to accumulate profits globally without state restrictions.<\/p>\n
\u201cIt presents a fa\u00e7ade of assisting the client country to maintain general financial discipline, restore the balance of payments equilibrium and solve the debt crisis through debt rescheduling\u00a0and more loans,\u201d he said.<\/p>\n
Forum<\/strong><\/p>\n Dr Adam was speaking at a public forum organised by Arise Ghana, a pressure group, on the theme: \u201cGhana\u2019s socio-economic outlook, the prospects of an IMF programme\u201d last Wednesday. It was attended by some students from the University of Ghana, Accra Technical University and the Ghana\u00a0Institute of Management and Public Administration (GIMPA), as well as the Kwame Nkrumah University of Science and Technology (KNUST).<\/p>\n He stated that the unstated objective of the IMF was to enforce an international division of labour in which the industrialised capitalist countries monopolised manufacturing, technology and finance capital, while developing countries were pinned down to primary\u00a0agricultural production to serve as an enclave for the extraction of raw materials.<\/p>\n \u201cThis is done through lower prices for Africa\u2019s exports, higher prices for our imports from the advanced industrialised countries, high-interest rate payments and other strategies,\u201d he explained.<\/p>\n No prospects<\/strong><\/p>\n For his part, the Managing Editor of the Insight newspaper, Kwesi Pratt Jr, said there were no prospects in the country\u2019s agenda of going to the IMF for a bailout. \u201cThere is no country in the world that has gone to the IMF and has managed to solve its economic problems,\u201d he added.<\/p>\n He, therefore, urged the government to fundamentally restructure the economy in a manner that ensured the people could produce their own necessities in order to solve the country\u2019s problems\u00a0The National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, Isaac Adongo, said there was the need for institutional and structural reforms to sustain the growth of the economy.<\/p>\n \u201cWhen we look at the trajectory of our economic paradigm, we have always had growth but we have been unable to sustain it,\u201d he said. He, therefore, called for institutional reforms which would strengthen Parliament\u2019s oversight responsibility to protect the interest of the people and sustain economic growth.<\/p>\n Source: graphic.com.gh<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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