Finance lecturer and economist, Professor Godfred Bokpin, known for his insightful perspectives, has offered a detailed account of how the World Bank and International Monetary Fund (IMF) intervened to prevent the Ghanaian government's proposed $8.8 billion loan restructuring some years back.

Speaking on Peace FM’s morning show, Pro Bopkin recounted that nearly two decades ago, in 2002, the World Bank and IMF intervened to halt the government of Ghana's efforts to restructure its debt.

“The total external debt of Ghana at the end of 2002 was US$30.5billion. Out of this, the multilateral debt, which refers to the amount Ghana owes the World Bank, IMF and other external institutions, was around US$8.8billion. And do you know what the IMF did? They said they are Lenders of Last Resort and so their debt is not up for restructuring and so the haircut did not affect them. They managed to protect their balance sheet,” he said.

He noted that these levels of losses seriously incapacitate the Central Bank from performing its functions.