Your past prescriptions haven’t helped developing countries – TOR MD tells IMF
The Managing Director of the Tema Oil Refinery Limited (TOR), Edmond Kombat, has challenged the International Monetary Fund (IMF) over its long-standing prescriptions for state-owned enterprises. He noted that the Fund appears to be revising its literature because its past advice “hasn’t helped” developing countries. Mr Kombat was responding to a question on the reason […]
Tema Oil Refinery Limited (TOR) Managing Director, Edmond Kombat, has criticized the International Monetary Fund (IMF) for its long-standing recommendations to state-owned enterprises. Kombat observed that the IMF's past advice to developing countries "hasn't helped," prompting the Fund to revise its literature. The Managing Director was addressing journalists at the Government Accountability Series Press Conference in Accra regarding the recent IMF delegation visit to TOR.
The Fund has extensively written about Ghana's energy sector, including TOR, and has traditionally promoted private business, Kombat noted. He traced Ghana's history with IMF-backed programs, from the Economic Recovery Programme to the Divestiture of State Enterprises, highlighting that the Fund consistently favored private entities over state-run businesses.
However, Kombat pointed out that the Fund's literature now seems to suggest that these past prescriptions have not been beneficial for developing nations. In Ghana, state-owned enterprises are proving successful, Kombat emphasized, crediting the efforts under President John Dramani Mahama. He added that the IMF delegation had been impressed, though they remained cautious.
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