A Professor at the University of Ghana Business School, Prof. Godfred Bopkin has stated that Ghana’s entire economy needs resetting.

Professor Bopkin mentioned that, he has observed that since independence the country has not been able to manage its public finances efficiently.

According to him, the rate of borrowing has been increasing but with very little to show for it.

“Since independence, we have not been able to manage our public finances efficiently,” he said while speaking at a national dialogue forum on the theme “Building an economy beyond IMF bailouts, organized by Media General In collaboration with Africa Center for Energy Policy (ACEP) on Tuesday, April 9.

Godfred Bokpin added that from all indications Ghana will go back to the International Monetary Fund (IMF) again after the recent one has ended.

Prof. Bopkin added that, the very factors that push the mangers of the economy to seek for the financial bailout have not been tackled which still plunges the country on the path of running to the IMF again.

He cited poor management of the public finances and corruption as some of the reasons for the economic challenges that resulted in Ghana to the Fund.

“If a pregnant woman tells me she won’t give birth again I will believe it but if Ghana tells me we won’t go to the IMF again won’t believe it,” he said.

“Our discussions should be how do we influence expenditure under the Public Financial Management Act. How do we solve the procurement? About 80 percent of the large scale contracts are done through sole souring,” he added.