The problem in Ghana is that everybody claims to be an economic expert – Kwakye

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye is lamenting the influx of persons who pretend to be economic experts offering ideas.

These people, he said, would not claim to be legal or medical experts.

“The problem we have in this country is that everybody claims to be an economic expert. They will, however, not claim to be legal or medical experts. I want it to be understood that economics is not general knowledge,” he tweeted.

“Why are lawyers invited by the media to discuss the economy whereas economists are not invited to discuss the law? Do we think economics is general knowledge?” He further asked.

Dr Kwakye further asked the team from the International Monetary Fund (IMF) that is in Ghana at the moment to also meet Civil Society Organizations (CSOs) for their views on the economy.

“The IMF team should meet with the Economic Governance Platform (EGP) during their mission to Ghana.

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“The EGP represents the broadest CSO economic network in Ghana and the Fund should listen to their independent views.”

The Ministry of Finance and the Bank of Ghana on Monday September 26 commenced discussions with the IMF for an IMF-supported programme.

A key prerequisite for a programme is confirmation that Ghana’s debt is on a sustainable path.

This will require a comprehensive Debt Sustainability Analysis (DSA), which is currently ongoing.

A statement issued by the Finance Ministry on Monday September 26 said the Government of Ghana is putting together a comprehensive post Covid-19 economic programme which will form the basis for the IMF negotiations.

“The programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.

“Government negotiations with respect to the IMF-supported programme is commencing this week and we are optimistic about making progress in our discussions.

“Government remains committed, and shall continue to actively engage all stakeholders, both public and private, in a clear and transparent manner as we seek to fast-track this process.”

By Laud Nartey||Ghana