Professor Patrick Assuming, an Economist and Senior Lecturer at the Department of Finance, University of Ghana Business School, has assessed the country’s International Monetary Fund (IMF) programme and praised the government for successfully implementing the programme so far.
He, however, said whilst macroeconomic indicators had improved from 2022 but were still worse than pre-2022 levels, micro-level data showed that economic conditions had worsened as food insecurity had worsened and more people were multidimensionally poor.
He added, “As designed, the programme does not address the most important long-term challenges of the economy: overdependence on foreign financing and imports, weaknesses in domestic production capacity.”
Professor Asuming said this whilst delivering a paper during a discussion on “Public Debt and the Climate Crisis in Ghana: Promoting Economic Justice and an Integral Ecology for Citizens”.
His topic was: “Ghana’s Debt, the IMF Programme and Fiscal Accountability”.
The virtual discussion was organised by Caritas Ghana, the humanitarian arm of the Ghana Catholic Bishops’ Conference and a member of the global Caritas Confederation, operating under the National Catholic Secretariat.
The discussion was to explore public debt and climate crisis issues from an economic recovery and integral ecology perspective, seeking sustainable pathways that prioritise economic justice, environmental stewardship, and accountability.
The advocacy campaign mainly targets faith-based leaders. It is a partnership with Caritas Africa and Jubilee USA under the Africa Inclusive Economic Recovery Campaign Project, which is ahead of the Jubilee 2025 year.
Participants included leaders of multi-faith institutions from the FAITH in Ghana Alliance, advocates and practitioners from civil society organisations, scholars and journalists.
Professor Asuming emphasised the country’s unsustainable debt levels and the need for structural reforms to address the root causes of the current economic challenges.
He said important changes were being made to the country’s fiscal and monetary framework without citizen engagement and called for citizens’ involvement to ensure that the desired reforms were being implemented.
Mr Neil Thorns, Director of Advocacy and Communications, Catholic Agency for Overseas Development, made a presentation guiding participants in reflection on “Laudato Si, Care for Our Common Home” and the Jubilee Year 2025 “Pilgrims of Hope”– Lines of Approach and Action (163) connecting spiritual and practical approaches to environmental and social justice, emphasising the need for action and reform.
Mr Richard Akurugu, Executive Director of Caritas Ghana, said, “Our gathering today reflects the urgency of addressing two interconnected challenges: the public debt burden and the climate crisis.”
He added that “Inspired by Pope Francis’ call to hear both “the cry of the earth and the cry of the poor”, we aim to explore these pressing issues from a lens of integral ecology, seeking sustainable pathways that prioritise economic justice and environmental stewardship.”
