Financial Analyst Calls for Legal Backing of Economic Policies Ahead of Ghana’s IMF Exit
A Financial Analyst, Nelson Cudjoe Kuagbedzi, is advocating for major national economic policies to be given legislative backing to ensure continuity and sustainability beyond political transitions.
His comments come at a time when Ghana is preparing to exit the International Monetary Fund’s Extended Credit Facility (ECF) programme, with growing public debate over whether recent economic gains can be maintained without direct IMF monitoring.
Speaking on the Business Breakfast show on Zed with host, Nii Trebi Hammond, Mr. Kuagbedzi expressed concern over what he described as Ghana’s long-standing challenge of policy discontinuity, where successive governments often abandon initiatives introduced by previous administrations regardless of their effectiveness.
According to him, policies that are backed by law are more likely to survive changes in political leadership because repealing them would require parliamentary approval and broader national consultation.
“This has been a problem of this country, because one government will start a policy, which is a brilliant one. Another government will actually come and say, ‘Okay, we are not interested in this,’” he stated.
Mr. Kuagbedzi cited the Ghana Accelerated National Reserve Accumulation Policy(GANRAP), which he said has been given legislative backing, as an example of how important national policies can be protected from abrupt cancellation.
“For us to maintain some of these policies, we must make sure we give them some legal backing,” he stressed.
He further noted that legal protection for policies would not only involve Parliament in any repeal process but would also create room for Civil Society Organisations and ordinary citizens to contribute to national discussions before major policy reversals are made.
His remarks add to ongoing conversations about fiscal discipline, economic stability, and governance reforms as Ghana transitions from the IMF-supported programme to a Policy Coordination Instrument aimed at maintaining long-term macroeconomic stability.
