Prof. Godfred Bokpin, an economist at the University of Ghana, has stated that the IMF program by itself will not be sufficient to address the nation's current economic issues.

To complement the actions the nation is taking to find long-term answers to the difficulties in the country, he said that a significant constitutional change on governance should be enacted.

Prof. Bokpin noted in a citinewsroom article on September 25, 2022 that while the government can show the IMF some level of stability in order to receive financial aid, this won't end Ghana's difficulties in the long run.

“The IMF program in itself is not enough. You can show enough commitment to the IMF that these are the fiscal adjustments that we want to do in order to bring our debt to a more sustainable level and therefore agree to lend to the country. But with where we are right now, merely focusing on an IMF program will not be enough,” he is quoted by citinewsroom.com.

He made the comments after Ghana’s economy was further downgraded by a rating agency, Fitch Ratings on September 24, 2022, from “CCC” to “CC”.

The government has however been asked to ensure that certain reforms to the public sector are pursued.

“Ghana needs to pursue concurrently, some kind of governance reform which will also entail doing some adjustments to our constitution. Also, initiating certain productivity-enhancing reforms across the entire spectrum of the public sector will help. An inefficient public sector represents a cost to the private sector as it interacts with the private sector,” he asserted.