Government must invest IMF fund into productive activities not consumption – ISSER Director
The Director of the Institute of Statistical Social and Economic Research (ISSER), Prof Peter Quartey, has highlighted the importance of strategic investment in productive sectors with the funds obtained from the International Monetary Fund (IMF).
Speaking in an interview on JoyNews’ PM Express, Prof Quartey noted that the funds from the IMF should not be treated as “free money” but rather necessitate a focus on investments that would stimulate economic growth and generate sustainable income.
He emphasised the need to avoid allocating the resources towards consumptive purposes, as this could hinder the country’s ability to meet repayment obligations in the future.
According to the Director, priority should be given to infrastructure development, specifically mentioning the importance of investing in roads that facilitate the efficient transportation of goods from production areas to consumption centers and ports for export.
He argued that well-maintained roads would not only reduce travel time but also enhance productivity, particularly in key production areas like Kumasi.
Prof Quartey advocated for diversifying the use of funds into areas such as agricultural support, credit, and agricultural insurance.
He also mentioned the significance of adding value to production and supporting initiatives like “Planting for Food and Jobs 2.0.”
However, he stressed the importance of ensuring that these funds are allocated judiciously to the right individuals and sectors that contribute positively to the country’s Gross Domestic Product (GDP).
“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,” he said on Thursday.
Source: Ghana News
