Ghana not yet fully economically strong despite IMF exit – Joe Jackson

By: Eugene Dogbatse Atsu
Economist and Chief Operating Officer of Dalex Finance, Joe Jackson, has cautioned that Ghana’s exit from the International Monetary Fund (IMF) programme does not mean the country has fully recovered economically.

Speaking on 3FM’s Hot Edition programme on Friday, May 15, Mr Jackson said that although Ghana has made significant progress in stabilising the economy, the country must remain disciplined to sustain the gains achieved under the IMF support programme.

“We have left the emergency ward, but we are not yet fit to run a marathon,” he stated, describing Ghana’s current economic condition as stable but still fragile.

He explained that the IMF exit should be viewed as a transition period rather than a complete economic breakthrough.

According to him, Ghana now faces the challenge of proving it can maintain fiscal discipline without the IMF closely monitoring government spending.

“This is not graduation; it is probation with more freedom,” Mr Jackson said,

Adding that the government must continue to prioritise debt sustainability, stable exchange rates and strong financial sector policies.

He further noted that economic stability alone would not satisfy ordinary Ghanaian unless it translates into improved living conditions.

“Stability is not the same as prosperity. It will be judged by how the Ghanaian feels,” he stressed.

Mr Jackson also urged the government to borrow responsibly and invest in productive projects capable of generating returns rather than borrowing to finance consumption.

“If you have to borrow, borrow wisely. Borrow to invest in projects that will help pay for the borrowing. We don’t borrow to consume,” he advised.