A senior lecturer and chartered Economist and lecturer, Dr. Samuel Worlanyo Mensah has stated that there is no sense for Government to go for IMF bailouts following the economic meltdown of the country.
The renowned economist revealed to host Citizen Kofi Owusu on the Morning show on Thursday Class Edition, that the economy is in crisis but Government appear to have no solution to deal with the rising cost of goods and services.
He said Government expenditure is over bloated and having a negative impact of Gross Domestic Product (GDP).
He explained that, the IMF conditionality will make it difficult for Ghanaians to have respite in the economy.
Dr. Mensah in responding to questions about the benefits of government soliciting for austerity measures from IMF said, the impact will rather be in the opposition direction since job losses and astronomical prices on energy purchases, and Patrolmen products are likely to have retarded dividend and result in Economic hardships.
He recounted series of petitions he has personally written to President Nana Addo suggesting to him to cut unnecessary expenditure in pro poor policies to address the fragility in the country.
Dr. Worlanyo Mensah further asserted that, the IMF bailouts is part of monetary policy initiatives where deteriorating economies go there for Austerity and bailouts.
He call on government to do wider and broader consultations in order to prevent future Economic windfall and unspecified borrowing in the last 5 years.
Dr. Mensah Worlanyo, noted that, he sees more challenging times ahead if remedial measures are not put in place to rescue the ailing economy.
He cited Light Bills, water Bills and Rent charges are most likely to assume nose dive and possibly affect the disposable income of workers who have come under intense pressure following mismanagement in the economy as espoused by several financial analyst and data forecasters.
He also stated that, the public sector is likely to see mass redundancy and the repercussion will be disastrous, amidst higher debt unsustainability
Nana Dogbe / Ahotoronline.com
