Renowned economist Peter Terkper warns Ghana’s economic growth is stifled by restrictive IMF programs. Essential reforms like reducing rice imports and boosting local production are hindered by external forces, particularly advanced economies benefiting from export markets.
Speaking to GBC’s Business News, Terkper emphasized this dynamic traps countries in debt and IMF dependence. This echoes IMF Managing Director Kristalina Georgieva’s warning that high debt levels and restrictive conditions harm medium-term growth amidst global economic challenges.
Terkper highlighted global debt restructuring inequality, where advanced economies can print money to ease debt, unlike Ghana. He urges global dialogue to address Africa’s debt challenges, as borrowing hinders continental development.
Ruth Abla ADJORLOLO