Experts shoot down Ken Ofori-Atta’s claims of economic recovery
Despite the Finance Minister’s report that Ghana made some growth in some aspects of the economy the experts still are impressed.
Dr Owusu Sarkodie of the University of Ghana on TV3 on 28th September 2022 explained that “as a country preparing to negotiate with the International Monetary Fund, there is the need to assess the growth rate of the economy and they will bang their hopes on the small growth rate, but as to whether it is an indicator that the economy is strong I am not sure”.
Though Dr Adu-Sarkodie expressed optimism that it could be that these sectors are recovering from the covid shock, he added that “as to this being a strong economy we should not be hopeful about yet as it is just one part of the economy doing well”.
For Professor John Gastsi of the University of Cape Coast, Ghana’s growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in the fiscal position does not in any way make any impact looking at what lies ahead of us as we engage the Britton Woods institution
And though Mr Ofori-Atta said this situation gives Ghana a solid foundation to tackle its economic challenges head-on, Prof Gatsi thinks otherwise.
Ghana is currently on the doors of the International Monetary Fund (IMF) seeking a $3 billion bailout programme to at least address its current economic challenges.
The worsening debt stock, fiscal challenges, depreciation of the cedi, upsurge in inflation, as well as shocks from Covid-19 and the Russia-Ukraine war pushed Ghana to seek IMF support.
