Accra:Mr. Edmond Kombat, the Managing Director of the Tema Oil Refinery Limited (TOR), has issued a critique of the International Monetary Fund's (IMF) historical approaches towards state-owned enterprises. During a press conference at the Presidency in Accra, Mr. Kombat questioned the effectiveness of the IMF's longstanding prescriptions, suggesting that they have not benefited developing countries.
According to Ghana News Agency, Mr. Kombat highlighted that the IMF seems to be revising its literature, as past advice has not been beneficial. His remarks came in response to inquiries about an IMF delegation's recent visit to the state-owned refinery, which was part of the Government Accountability Series Press Conference.
Mr. Kombat elaborated on Ghana's history with IMF-backed programs, such as the Economic Recovery Programme, the Financial Sector Recovery Programme, and the Divestiture of State Enterprises. He noted that the IMF has traditionally favored private business over state-run enterprises, a stance that appears to be shifting. He argued that state-owned enterprises in Ghana are proving their capability to operate effectively and profitably.
Furthermore, Mr. Kombat expressed satisfaction with the IMF delegation's visit, underlining the achievements of state entities under President John Dramani Mahama's administration. He noted that these entities are no longer loss-making and emphasized the need for cautious optimism regarding the IMF's changing perspective.