Accra: Mr Raphael Godlove Ahenu, Founder and Chief Executive Officer of the Global Media Foundation (GloMeF), has called on the International Monetary Fund (IMF) to aggressively encourage Ghana to enhance its economic management systems in order to address the growing trend of corruption in the country. Mr Ahenu emphasized that the IMF should make low corruption a prerequisite for accessing its financial resources, suggesting that countries with high corruption, like Ghana, should not benefit from its loans and financial assistance.

According to Ghana News Agency, GloMeF is an anti-corruption, human rights, and media advocacy non-governmental organization that aims to improve the wellbeing of vulnerable and ordinary citizens. Mr Ahenu expressed optimism that if corruption indexes were used as a criterion for accessing IMF funds, successive governments in Ghana and across Africa would take more proactive measures to combat corruption, which he believes remains a major obstacle to Africa’s development.

Mr Ahenu argued that Ghana is not currently facing an economic crisis that justifies financial support from the IMF. He attributed the nation’s issues to high corruption and poor economic management systems. He believes that by withholding loans and encouraging Ghana to address its corruption issues, significant progress could be made. His comments came in response to the World Bank’s ‘2025 Policy Notes’ titled ‘Transforming Ghana in a Generation,’ which is part of the new World Bank report.

According to the report, Ghana has been under IMF programs for 40 years, and without necessary reforms, the nation’s growth is expected to plateau around 3.8 percent, delaying its goal of becoming an Upper-Middle-Income country by 2050. Mr Ahenu suggested that if the IMF is genuinely committed to supporting Ghana’s economic development, it should focus on urging the government to resolve systemic challenges that fuel corruption instead of merely approving loans.

Mr Ahenu highlighted persistent governance challenges, fiscal indiscipline, inefficiencies, and mismanagement as obstacles to reform, which impede efforts in the fight against corruption in Ghana. He expressed concern over significant revenue losses due to corruption, contrasting Ghana’s situation with that of Botswana, which reportedly secures at least 40 percent of its resources through agreements. In contrast, Ghana has been mining gold for decades without equivalent benefits.

He lamented the lack of transparency and accountability in Ghana’s extractive sector, emphasizing the need for openness regarding the nation’s share of petroleum resources and accurate monitoring of the quantities of gold, oil, and other natural resources exported annually to prevent underreporting. Mr Ahenu also noted that the nation’s cocoa sector is under threat, with countries like Cameroon, Malaysia, China, and Nigeria making significant progress in cocoa production. He warned that without careful management, Ghana may lose its position as the world’s second-largest cocoa producer.