Ghana must embrace sustainable debt management to escape its recurring dependence on the International Monetary Fund (IMF) bailouts, according to Abdul Karim Mohammed, Coordinator of the Economic Governance Platform. Speaking at an anti-corruption event in Kumasi, he stressed that the country’s long-term financial autonomy hinges on fiscal discipline and better debt oversight.
Abdul Karim criticized Ghana’s ongoing cycle of economic vulnerability, citing unsustainable debt practices, mismanagement of public resources, corruption, and unregulated contract awards as the primary culprits. These issues, he explained, continually drive the nation toward external financial lifelines like those provided by the IMF during crises.
He urged policymakers to adopt reforms aimed at domestic revenue growth, expenditure control, and transparent borrowing. According to him, fiscal irresponsibility and a lack of accountability in debt handling significantly undermine the country’s economic resilience and independence.
The remarks came just days before the Ghana Anti-Corruption Coalition (GACC) held a forum titled “Citizens for Sustainable Debt Management in Ghana.” The event addressed the root causes of the country’s worsening debt crisis and sought to mobilize citizen engagement in shaping a more stable fiscal future.
The GACC’s analysis centered on three key pillars: the political economy of debt, the current state of debt management, and the need for greater transparency. It called for a structural shift in how debt decisions are made and communicated, highlighting that meaningful reform in these areas is essential to restoring public trust and achieving long-term economic stability.
Source: Citi newsroom