Renowned Economist, Dr. Saeed Boakye has blamed Ghanaians partly for the country's returns to the International Monetary Fund (IMF).

He said implementation of the Electronic Transaction Levy (e-levy) remained the surest way to transform the nation's dwindling economy but regretted that many Ghanaians had stopped online money transactions since the e-levy was implemented in May this year.

Dr Saeed noted that the levy had not been able to generate the required revenue expected because online business transactions in the country had slowed down. 

President Akufo-Addo has directed the Finance Minister, Ken Ofori-Atta, to begin formal engagements with the International Monetary Fund, for an economic programme.

A letter signed by the information minister, Kojo Oppong Nkrumah, and dated July 1, 2022 indicates that there had already been a conversation between the IMF boss, Kristalina Georgieva and President Akufo-Addo.

But Dr Saeed told Omanhene Yaw Adu Boakye, the host of 'Ade Akye Abia" show on Sompa FM that he also expected the Peduase Economic Summit held early this year to come out with realistic strategies to address the nation's economic downturn, saying "the failure of the summit to do so is also contributed to the country's return to the IMF".

That notwithstanding, he said "the onus lies on the government to prepare a very competent economic team to meet the IMF in our negotiations".

"I think the decision for the government to seek the IMF bailout is not out of place because the bailout is in the interest of the nation" Dr Saeed stated.

Though, he said the IMF had unfavourable conditions, it would greatly help the nations efforts to recover and put the economy on track.

Dr Saeed however asked the government to prioritise and implement realistic socio-economic interventions and policies to spur rapid economic growth and development.

Source…www.sompaonline.com/Eric Murphy Asare