Invest IMF Funds Into Economic Sustainability Rather Than Consumption - ISSER Director to Gov't

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(Prof Peter Quartey, Director of ISSER)

Prof Peter Quartey, the Director of the Institute of Statistical Social and Economic Research (ISSER), has underscored the crucial nature of employing funds procured from the International Monetary Fund (IMF) towards strategic investments in productive sectors to foster sustainable economic development.

Related To This: IMF Will Surely Approve $600 Million Tranche - Ken Ofori-Atta

In an interview on JoyNews' PM Express, Prof Quartey cautioned against regarding IMF funds as "free money," advocating instead for a deliberate focus on investments that can fuel economic expansion and yield long-term, sustainable revenues. He emphasized the imperative of steering clear from utilizing these resources for consumptive purposes, pointing to the potential adverse impact on the country's future repayment capacity.

Drawing attention to specific areas, the Director stressed the primacy of prioritizing infrastructure development, with a particular highlight on investments in road networks. He articulated the role of well-constructed roads in streamlining the transportation of goods from production hubs to consumption centers and export ports, citing the potential to reduce travel time and bolster productivity in critical areas such as Kumasi.

In addition to infrastructure, Prof Quartey advocated for diversifying the allocation of funds to include initiatives such as agricultural support, credit facilities, and agricultural insurance, fostering value addition to production, and reinforcing endeavors like "Planting for Food and Jobs 2.0."

Related To This: IMF'S Board Meeting on Ghana's Program Rescheduled To January 19

However, he cautioned about the critical need to ensure judicious allocation of these funds, emphasizing the necessity of directing resources to individuals and sectors poised to make positive contributions to the country's Gross Domestic Product (GDP). In his words, "Some of the funds can go into that but we should make sure that they go into the right areas and be dispersed to the right kind of people who will produce and add to our GDP. And also add value to whatever we produce."

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