Economist and member of the National Economic Dialogue Planning Committee, Professor John Gatsi, has underscored the importance of financial buffers across all sectors of the economy to break Ghana’s reliance on International Monetary Fund (IMF) support.

He argues that repeated IMF bailouts stem from poor economic management, stressing that long-term financial stability hinges on building strong economic safeguards.

“It is not magical for anybody to say we will not go to the IMF again. What has been leading us to the IMF is poor management. If we are able to build the correct buffers for all the sectors, I believe we will be solid,” Professor Gatsi stated in an interview with Citi Business News.

Despite gaining independence 68 years ago, Ghana’s economy remains prone to crises, with frequent reliance on external financial aid. The country has sought IMF assistance 17 times, the latest being a $3 billion Extended Credit Facility (ECF) secured in 2022 to address fiscal challenges.

While the IMF-backed program aims to restore economic stability and ensure debt sustainability, questions remain about Ghana’s ability to maintain financial independence in the long run.

Professor Gatsi, who also serves as the Dean of the University of Cape Coast Business School, insists that Ghana must move away from this cycle by implementing proactive measures to shield the economy from shocks.

“We will not be drifting towards the IMF at the least financial distortions or at the least threat that is directed towards the finances of this country. We will be robust, solid, and we will be relying on the buffers that we build rather than going to the IMF,” he added.

He further emphasized that achieving this goal requires disciplined fiscal policies, stronger domestic revenue mobilization, prudent debt management, and strategic investments in productive sectors to sustain economic growth.