President of the Ghana Arm wrestling Federation, Charles Asibey has claimed that the government could have averted the economic crisis that necessitated the International Monetary Fund, if it had invested in sports.

In 2022, president Akuffo-Addo announced government's decision to seek financial support from the IMF. The decision was necessitated by record inflation figures, continuous depreciation of the cedi, and spiraling debt-service costs following years of overspending.

Ghana's application was successful as the IMF agreed to lend $3 billion to the West African country, to be paid in tranches.

Speaking to JoySports on the topic of sports funding and its economic impact, Osei Asibey said the industry could be a game change for the country.

''If we pay attention to sports, then we won't be running to the IMF for long. Normally if you pay look at the net worth of the top athletes globally, I mean, the net worth of like Serena Williams, Usain Bolt, etc,''

''If we are able to create such stars in this country, then these athletes can then bring home $300 million or $500 million and then Ghana cannot or may not have to go to the IMF. The last IMF loan that we went for was worth $300 million. Serena Williams alone is worth over that''.

Last week, the IMF said its Executive Board had ''completed the third review of Ghana's 36-month Extended Credit Facility Arrangement. This allows for the immediate disbursement of SDR 269.1 million (about US$360 million).''

That payment takes the total amount paid to Ghana to $1.9 billion.