Dr Daniel Osabutey, a Senior Lecturer at Accra Technical University Business School, says Ghana must demonstrate political courage, institutional discipline and a unified national commitment to avoid returning to the International Monetary Fund for financial support.
In an interview, Dr Osabutey explained that Ghana’s eventual exit from its current IMF programme should not only be seen as an economic achievement but also as a critical turning point for reflection and a reset in economic management.
He noted that Ghana’s repeated engagements with the IMF point to deep structural challenges that require sustained reforms.
According to him, the country has entered IMF supported programmes 17 times since independence due to rising public debt, currency instability and persistent fiscal imbalances.
He said this trend shows that without firm discipline and long term planning, Ghana risks repeating the same cycle.
Dr Osabutey identified excessive government spending, particularly during election periods, as a major threat to macroeconomic stability.
He cautioned that short term political considerations often override prudent fiscal management, undermining gains made during reform periods.
He therefore urged political leaders to prioritise national economic interests over electoral advantage, warning that failure to do so could trigger another financial crisis and push the country back into external assistance.
He emphasised that fiscal discipline must be institutionalised as a permanent national policy rather than a temporary measure adopted during economic downturns.
He added that public borrowing should be directed toward productive investments capable of generating sustainable returns instead of financing recurrent expenditure.
Dr Osabutey also highlighted the urgent need to strengthen domestic production to reduce Ghana’s dependence on imports.
He observed that the continued importation of food, fuel, pharmaceuticals and manufactured goods exposes the economy to external shocks and weakens the local currency.
He called for deliberate investment in agriculture, agro processing and local manufacturing to support industrial growth, create jobs and improve economic resilience.
On revenue mobilisation, he stressed the importance of expanding the tax base through digitalisation, transparency and improved efficiency.
He explained that citizens are more likely to comply with tax obligations when they see accountability and tangible national development.
Dr Osabutey further pointed to policy inconsistency as a major deterrent to investment, noting that frequent changes in government programmes after political transitions disrupt long term planning and slow economic progress.
He therefore urged leaders to ensure continuity in key sectors such as energy, education, infrastructure and industrialisation regardless of political changes.
He described corruption as a significant economic threat that weakens investor confidence and drains public resources, stressing the need for stronger institutions, transparent procurement systems and independent oversight bodies to ensure accountability.
Dr Osabutey concluded that avoiding another IMF bailout will require commitment from both government and citizens, anchored on discipline, responsible leadership and strategic long term planning.
