An Associate Professor at the Finance Department at the University of Ghana Business School (UGBS), Professor Lord Mensah, has expressed doubts over the feasibility of the much touted "Ghana Beyond Aid Agenda".

Speaking in an interview with Blessed Sogah on the Pulse on Tuesday, he explained that, given the ailing nature of the economy, it will be impossible for Ghana to successfully thrive, without support from external sources.

According to him, the goal of complete self-reliance cannot be attained by the current Akufo-Addo administration.

He, therefore, advised that the "Ghana Beyond Aid" agenda should be adopted as a longer futuristic aspiration of the country, which should not be limited to any specific regime.

"Ghana Beyond Aid, I've been saying that is a project. We don't have to look at it within a particular regime. Ghana as a country must look at this as a project which in the next 20 years, we can work towards it. But looking at where we find ourselves now, I don't think, Ghana Beyond Aid is possible.

"Because as we speak now, any free money that drops in the way of Ghana, we will take it. So I'll say that yes, it's not possible within this particular time or this regime, but then we should take it as a project," he said.

In 2018, the 'Ghana Beyond Aid' slogan, became very popular after the President, Nana Akufo-Addo rehashed it as his vision for the country. According to him, there was the need for Ghana to excel on its own merit with excessive reliance on foreign aid or support.

In a Charter and Strategy Document, which was subsequently launched by the Presidency, Akufo-Addo stated in his foreword that, "The document also acknowledges that a responsive policy environment is required so that as we change our attitudes and values, we will not have to be confronted with the same old hurdles which inhibit our growth and development.

"That is why I welcome the commitment to reform and sustain a robust macroeconomic environment, increase government domestic resource mobilization and pursue strategic investments which among others, will enable import substitution, especially food, clothing and construction materials, within the shortest possible time.

The values, mindset, attitudes and behaviour changes which I am calling for will complement the policy changes and reforms which are being rolled out. The two will be mutually reinforcing as we march boldly and confidently to Ghana Beyond Aid".

But contributing to a discussion on Ghana's economic outlook on Tuesday, Professor Lord Mensah said looking at how the economy is faring, government must devise effective mechanisms to salvage the situation, including accepting aid from external sources, such as the International Monetary Fund.

The World Bank has projected harsher times for Ghana’s economy. This comes as the exchange rate continues to rise amidst inflation and increasing cost of living coupled with a rise in prices of petroleum products.

Many Ghanaians have complained about the effect of the situation on their standard of living.

Government is already having a tough time rallying support for the controversial E-Levy, insisting it may not be able to settle some statutory obligations without the tax.

But the World Bank Country Director, Pierre Laporte does not see any end in sight just yet.

“The situation is very difficult right now. Ghana faces a very tough road ahead to restore macro-sustainability”, he said.

According to him, the source of the country’s woes may be more than just stifled revenue generation.

Government has blamed the Covid-19 as a major contributor to the exacerbating economy.

But the World Bank boss insists that the signs were clear even before the global pandemic hit.