Enoch Okomfo Okonah, an economic analyst, has cautioned that the International Monetary Fund (IMF) bailout alone is not enough to address Ghana's economic difficulties.
In an interview with the Ghana News Agency (GNA) in Sunyani, he emphasized the importance of the government creating a conducive environment for the private sector to flourish.
While acknowledging that the US$3 billion bailout will support and strengthen the country's economic recovery, Okonah urged Ghanaians to manage their expectations regarding the loan.
He expressed optimism that the funds would help stabilize inflation, reduce the debt level, and restore confidence in the banking sector.
However, Okonah pointed out that the high unemployment rate in the country has resulted in a heavy burden of dependency for its citizens.
He urged the government to provide support and opportunities for the private sector to grow, expand, and generate employment for the population.
According to Okonah, job creation is essential for poverty reduction, and since the public sector cannot absorb everyone, there should be a renewed focus on and prioritization of the private sector.
He emphasized that this approach would enable the sector to make a meaningful contribution to the national economic recovery process.
