As the International Monetary Fund (IMF) program comes to a close, economic debates have erupted over the true state of the country’s financial stability. Adding his voice to the growing chorus of public skepticism, prominent policy analyst Dr. Gideon Boako shared a scathing critique on social media regarding the government’s economic claims.
In a Facebook post, Dr. Boako argued that the government’s touted “economic resilience” has proven to be little more than an illusion once the IMF safety net was removed.
“IMF programme is over. The economy is naked again,” Dr. Boako wrote. “After all, the much talked about resilience by government was just a hoax. The quality of our fiscal consolidation is also highly questionable. It is more of development suppression than fiscal consolidation. Fuel prices, tomato prices, and so on are really showing the skin of the economy.”
Dr. Boako’s comments highlight a sharp divide between official macroeconomic figures and the day-to-day reality experienced by citizens. While international programs often demand fiscal discipline to stabilize balance-of-payments deficits, critics argue that the methods used to achieve these targets have come at a heavy price.
According to Dr. Boako, the government’s strategy relies heavily on development suppression cutting essential public investments and infrastructure development to artificially lower budget deficits, rather than building sustainable revenue streams or improving efficiency.
The practical fallout of this economic tightrope is being felt directly in the marketplace. The following areas come into sharp focus.
1. Rising Fuel Prices: Continued volatility in global markets and currency fluctuations continue to drive up transportation and production costs.
2. Escalating Food Inflation: Staples like tomatoes and other basic foodstuffs have seen sharp price spikes, squeezing household budgets across the country.
As everyday goods become increasingly expensive, the public is left questioning whether the post-IMF transition plan is robust enough to protect citizens from further economic shocks.
With the formal IMF program wrapped up, the onus now lies entirely on domestic policy to sustain confidence, control inflation, and stimulate real growth without sacrificing long-term development.
Whether the administration will adjust its fiscal strategy or maintain its current path remains a critical question for economists, business leaders, and everyday consumers alike.
