Former Speaker of Parliament, Professor Aaron Mike Oquaye, has criticised Ghana’s continuous reliance on the International Monetary Fund (IMF), saying the country has gained little from decades of support.
Speaking at the Institute of Economic Affairs (IEA) Policy Dialogue on Ghana’s Natural Resource Management, Prof. Oquaye said IMF programmes have not brought the lasting economic change Ghanaians hoped for.
“The IMF Programme has not done us any good. IMF cannot save us. If these programmes truly worked, we would have seen results by now,” he said.
He explained that relying too much on IMF loans limits the government’s freedom to create policies that encourage innovation and growth. He urged Ghana to design its own economic plan that focuses on using its natural resources wisely especially gold, oil, and diamond.
“If we understand that the IMF is not the answer, we will begin to ask what we can do with our own resources,” he added.
Ghana is currently in its 17th IMF programme, worth $3 billion, aimed at stabilising the economy and reducing debt. The government plans to exit the programme by May 2026, though some experts doubt this timeline.
Prof. Oquaye’s comments come as many Ghanaians question the long-term impact of IMF support. Critics say that despite repeated programmes, the country still struggles with economic challenges and low self-reliance.
He stressed that Ghana’s real progress lies in developing local industries, managing its natural wealth better, and reducing dependence on foreign aid. As the IMF programme continues, Prof. Oquaye’s message stands as a reminder for leaders to focus on homegrown solutions that can drive lasting development
