The Deputy Secretary-General of the Trades Union Congress Ghana, Dr Kwabena Nyarko Otoo, says Ghana’s recent economic recovery has been largely driven by domestic government policy decisions rather than the influence of the International Monetary Fund (IMF).

Speaking on Newsfile on Saturday, May 16, Dr Otoo argued that the country’s progress reflects a combination of deliberate policy choices by government and favourable global economic conditions, particularly rising gold prices.

“I am contributing that to a government that came with new choices and also was assisted by a very positive international environment where gold prices were rising,” he stated.

He explained that key economic indicators, including inflation, had already begun improving before the IMF programme fully took effect.

“In fact, inflation was about 54% in 2020. By the time the IMF came in, it had come to about 23%. It had already dropped significantly, so we were on a certain trajectory towards recovery,” he noted.

Dr Otoo maintained that Ghana’s progress should not be overstated as being IMF-driven, insisting that domestic actions played a more decisive role.

“We have done largely so by our own thoughts. It is not because of the IMF,” he stressed.

He further argued that Ghana’s repeated engagement with the IMF now about 18 programmes highlight a deeper structural issue in the economy, particularly its dependence on import liberalisation policies.

“This country has had about 18 IMF programmes. Unless we change course in terms of policy, we will continue on the same trajectory,” he warned.

According to him, macroeconomic indicators alone do not reflect true economic progress unless they translate into jobs, better wages, and reduced inequality.

“The question is whether these macroeconomic statistics are creating jobs and improving incomes. What is the level of wages? What is the level of inequality? These are the real metrics,” he said.

Touching on the proposed private sector participation in the Electricity Company of Ghana (ECG), Dr Otoo suggested it is also a domestically driven policy move rather than an IMF-imposed condition.

“If our recovery is driven by domestic decisions, then ECG private sector participation is also domestically driven. We are simply seeking IMF endorsement,” he added.