IMF can’t be the solution to Ghana’s economic crisis – Dr. Kingsley Nyarko

Member of Parliament for Kwadaso Constituency in the Ashanti Region Dr. Kingsley Nyarko has said the government’s decision to seek an International Monetary Fund (IMF) bailout is not the solution to the economic problems the country is facing currently.

According to him, the only government money-generation policy that could save the country was the controversial E-Levy introduced by the government.

“IMF cannot be the solution, I want to be consistent and I have made this point severally, at the time of the introduction of E-Levy. The reason why I opted for E- Levy was that I felt that it could increase our tax net,” Dr. Kinsgley Nyarko told Angel FM Kumasi in an interview monitored by MyNewsGH.com.

The lawmaker further described Ghana’s International Monetary Fund (IMF) programme as a temporal short-term measure.

“IMF program is just a temporal short measure, it can’t be our solution,” Dr. Kinsgley Nyarko stressed.

“Now we are even aiming at US$3 billion. US$3 billion dollars at the current exchange rate will only give us about US$40 billion or so this cannot be,” he added.

Speaking on the needs of the country to do to make the economy stable, Dr. Kingsly Nyarko revealed that, “what we have to do is how to limit our imports and how to add value to our exports. Industrializing our economy is the way to go. So IMF is not the solution but a solution. At least it offers us a balance of payment,” he said.