“PCI Is the Single Sensible Step Government Has Taken” – Franklin Cudjoe Praises Economic Recovery Drive
By Maurice Otoo
Franklin Cudjoe, President of IMANI Africa, has described the government’s adoption of the Policy Coordination Instrument (PCI) program as “the single sensible step” to sustain Ghana’s economic recovery and fiscal discipline.
Speaking during a Zoom discussion on Kessben TV’s Digest show about the PCI program announced by the Finance Minister, Dr. Cudjoe explained that although Ghana has exited the IMF loan-supported program, the PCI arrangement still allows international institutions to monitor the country’s economic management and fiscal conduct.
“The PCI is like an examiner marking the exams of a student. Even though Ghana has exited the IMF loan program, they are still around monitoring our economic management,” he stated.
According to him, the current administration deserves commendation for voluntarily choosing a policy framework that promotes discipline rather than reckless spending.
“They could have said we have exited the IMF program, so let’s spend anyhow, but they didn’t. The government freely chose this direction of PCI as a guide to its economic strategy,” he noted.
Dr. Cudjoe stressed that the PCI framework would enhance Ghana’s credibility with foreign investors while supporting employment creation and infrastructure development.
“There is a difference between ECF and PCI. PCI gives you more credibility for external investments and employment opportunities,” he explained.
The IMANI Africa President argued that all key economic indicators have improved significantly under the current recovery measures, describing the turnaround as unprecedented in Ghana’s history.
“This is the fastest economic recovery ever in the history of Ghana. Government has reduced debt-to-GDP from 65 percent to 45 percent within a single year,” he claimed.
He further blamed previous administrations for what he described as years of “waste, mismanagement and plunder” that heavily burdened the economy.
“Recovery followed years of waste, mismanagement and plunder. This is a great achievement and no one should downplay it,” he added.
Dr. Cudjoe also raised concerns about the ongoing financial burden posed by State-Owned Enterprises (SOEs), saying they cost the country nearly $2 billion annually.
“SOEs subject government to debts of about $2 billion every year and they must be dealt with,” he stressed.
He singled out the National Investment Bank, arguing that the institution should be scrapped because it is no longer beneficial to the state. Calling on citizens to remain vigilant, Dr. Cudjoe urged Ghanaians to hold government accountable for ensuring that the benefits of the PCI framework translate into real jobs, infrastructure expansion, and sustained economic stability.
