Economic crisis: Ghana’s problem since independence has been leadership deficit – Prof. Bokpin

An economist and Finance Professor with the University of Ghana Business School, Prof. Godfred Bokpin has indicated that leadership deficit remains one of the main problems derailing the country's progress in terms of development.

This year has been particularly difficult for the country with the economy continually being downgraded by rating agencies.

As a result, President Nana Addo Dankwa Akufo-Addo's government has run to the International Monetary Fund (IMF) to seek support to shore up the sinking economy.

Unfortunately, not even the ongoing discussions with the Fund have been able to save Ghana’s economy from a further downgrade by Fitch to additional junk status.

Speaking to Joy News on Saturday morning, Prof. Godfred Bokpin said the problems of the economy have everything to do with leadership.

“If you check all that we've said from last year to date, you will see that there was no theory.

“Since independence, our biggest problem has been leadership deficit,” the UG Business School professor said.

According to him, although an IMF support programme will do the Ghanaian economy some good, it will not solve the problem.

He proposes that the government engages in consultations to come up with home-grown remedies that will deal with the economic challenges.

“An IMF programme we can pursue but let us look at government interventions as the long-term solution,” Prof. Godfred Bokpin added.

Meanwhile, a new phase of the discussions between the government of Ghana and the IMF is expected to start next week.