Professor Godfred Bokpin, a renowned Finance and Economics expert at the University of Ghana, has sounded the alarm on Ghana’s worsening economic situation, despite being part of the IMF program since 2023.
Speaking on Joy FM, Bokpin emphasized that Ghana’s economic struggles are more severe now than when it initially sought IMF support.
Bokpin cautioned that exiting the IMF program in 2026 could destabilize the economy if done prematurely. He stressed that investors prioritize long-term economic stability, and a hasty exit could send negative signals, deterring potential investors. Ghana’s restricted access to international capital markets until 2027 further complicates its economic recovery.
The economist also highlighted Ghana’s inefficient tax system, where only 41% of the economy contributes 86% of tax revenue. He recommended properly taxing high-net-worth individuals, which could generate up to $160 million annually.
However, he warned against overburdening compliant taxpayers with additional levies, citing the risk of stifling economic growth.
Ghana continues to implement fiscal measures under its $3 billion IMF program, and Bokpin’s concerns highlight the need for a strategic approach.
He suggested that reviewing the program with the possibility of an extension should not be ruled out. This cautious approach could help Ghana navigate its economic challenges and ensure a more stable future.
