Economist and Business Consultant, Dr. Ishmael Yamson, has described the decision by the country to return to the International Monetary Fund as inevitable because of the challenges facing the economy.

The country has lost access to the international capital market as a result of the economic imbalances.

Speaking to the media after being celebrated for his impact on the Private Enterprises Federation where he served as a President, Dr. Yamson said going to the Fund is not a shame but the right decision.

“I think that going to the fund was unavoidable. We had reached a point where we had lost access to the international capital market. We have done the right thing going to the fund and I think with government reaching an agreement with the IMF to have a programme by the end of the year will raise hopes of investors.

“What is going to be important is we proposing a programme because the Fund won't just give us a programme. That is where we can start the discussion. Going to the Fund is good, it's an assurance to the market and that will see a greater investor confidence; so it's a great thing for us”, he explained.

“As to whether the Fund will be enough, I don't think it's enough considering our problems. But it can give us more access to get funds from other markets”, he added.

The beginning of an economic programme with supervision from the Fund is expected to open more foreign inflows.

Dr. Yamson said “other bilateral institutions will also come to support your economy. So, I think it's a good thing. I'm looking for stability at the end of it all because the number of times we've gone to the IMF, there is some stability”.

Dr. Yamson also expressed worry about the lack of fiscal discipline on the part of the managers of the economy, adding, “We always live beyond our means, that's why we go to the IMF every day”.

“So to prevent this, there should be a prudent fiscal environment. We just have to be discipline as a people and a government, so we don't go back to the IMF. We should set up our eyes to having a long-term prosperous economy”, he added.

Meanwhile, Dr. Yamson, who is also a Board Chairman of MTN Ghana, is calling for a united and strong private sector that would champion the course of enterprises with one voice to accelerate the growth of businesses.

He is also advocating for an effective collaboration and dialogue between the private sector and the government if the country is to develop rapidly.