Kojo Oppong Nkrumah, Ranking Member on the Economy and Development Committee and Member of Parliament (MP) for Ofoase Ayirebi, has emphasised the need for Ghana to strengthen its economic foundations to withstand global challenges.
Speaking on the matter in an interview on Citi FM's Eyewitness News on Tuesday April 15, Oppong Nkrumah highlighted the importance of building "shock absorbers" within the economy to reduce the country's dependence on external financial assistance. "First of all, Ghana as a republic has to work to the point where we build enough shock absorbers in our economy so that when global challenges come, we are not so heavily affected so that we have to go to the Fund for a balance of payment supported programme," he stated.
His remarks underscore the urgency of implementing policies that enhance economic resilience and stability, ensuring that Ghana can navigate global economic uncertainties without resorting to programmes like those offered by the International Monetary Fund (IMF).
Nkrumah further noted "The theory hold that we have to continue to build enough buffers so that we do not have to go for such help even if global shocks or challenges come in." His comments follow the IMF and the Government of Ghana reaching a staff-level agreement on the fourth review of Ghana's three-year Extended Credit Facility (ECF)-supported programme.
