The Fund also urged commodity exporters to save during favourable times in order to avoid going to the Fund for support in bad times.
The IMF representative to Ghana, Natalia Koliadina, gave the advice when reacting to suggestions that IMF’s solutions tend to worsen the plight of countries.
“Oil exporters and other commodity exporters need to use favourable times to save and build some profits so they will have some room to support their economies in bad times. Then perhaps there will be less need for Fund programmes and those adjustments during those difficult times,” she stated.
“At the same time, on the positive side, looking over the medium term, we also support structural reforms and as I said, the structural reforms are essentially supposed to ensure that microeconomic stabilisation, which is achieved [during our programme], will cross over and will stay after our programme expires so that the country will not go back to the Fund and ask for another programme. So we will really like the governments and the central banks to be the drivers of their economies and ensure that microeconomic stability is maintained,” Ms Koliadina added.
Source: Ghana/AccraFM.com
