The President of the Ghana National Chamber of Commerce and Industry (GNCCI), Stephane Abbas Miezan, has cautioned against excessive celebration over Ghana’s imminent receipt of $382 million from the International Monetary Fund (IMF), describing the amount as “no money for Ghana to be joyful about.”
At the staff level, the IMF has confirmed Ghana’s successful completion of its fifth programme review, which paves the way for the disbursement, after approval by the management and the executive board.
Amid the celebrations that have met the anticipated disbursement, Stephane Miezan warned that the nation’s reaction must be guided by realism, not relief.
A very blunt Stephane noted that the $382 million is not the antidote to Ghana’s economic woes. Although he admits that there could be a short-term gain on the forex, it is not the magic pill that will transform Ghana’s economy.
“$382 million it’s not money for us to be joyful about. Because after this $382 million comes, the dollar comes down to 12 cedis or 10 cedis, and then what, and then it goes up again,” he noted in an interview monitored by The High Street Journal.
Instead of fixating on the cash, he wants the government to prioritize forward-thinking strategies that will build economic resilience and stability.
“We’ve gone through this programme and all of that no we need to be forward thinking and I need to be very blunt 382 million it’s no money for Ghana for us to be to be so much happy about that this money is coming in. Inasmuch as it’s going to do something good for our economy, it’s going to be pumped into the economy, cedi is going to strengthen but this is going to be consumed in no time and then we are back to the same levels,” he cautioned.
The president of GNCCI’s concerns resonate with some analysts and business people who also believe that while IMF inflows provide short-term breathing space, they fail to address the country’s structural weaknesses, particularly its dependence on imports and the lack of a robust industrial base.
Miezan argued that the country’s economic stability cannot depend on periodic external bailouts but must be anchored in industrialization, local enterprise growth, and value addition.
He believes in building the capacity of local businesses to scale up production, so that the country doesn’t have to chase dollars to import everything.
“Good news? Yes,” he admitted, but for the business community, it’s really nothing to celebrate.
The focus, he says, should be on building an economy that stands on its own feet, not one that survives on IMF cheques.
