A Political Scientist says the financial bailout from the International Monetary Fund may have come “too late” to salvage the country’s ailing economy.
According to Dr. Richard Amoako Baah, the Head of the Political Science Department at the Kwame Nkrumah University of Science and Technology (KNUST), the country’s economic problems had spun out of the government’s control.
“Right now it’s out of our hands, there’s not much we can do. But I don’t think the politicians realize that. It’s not a matter of talking or a matter of wiling.”
Dr. Amoako Baah told Citi News that the country needed “outside help” but added that even the IMF bailout might not be enough to turn the country’s economic fortunes around.
“We’ve done too much damage to it [the economy] already. We need outside help. The president has finally agreed to go to the IMF. But maybe he did it too late and t’s getting worse.”
Ghana began talks with the IMF in September over a bailout process to support its economy ,which President John Mahama has revealed would begin in January.
The country’s economy has struggled in 2014 with the cedi depreciating against major foreign currencies
The national currency has however in the last few weeks achieved some level of stability against the dollar with the Finance Minister, Seth Terkper expecting more improvement once the IMF process kicks in.
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