It’s distressing that every passing day makes Ghana’s economic situation worse – Mahama

Former President John Dramani Mahama has expressed worry over the economic situation in Ghana.

He said it is distressing that every passing day makes the economic situation worse.

In a tweet, Mr Mahama said “Distressing! Every passing day makes our economic situation worse. Gov’t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook.”

Meanwhile, the Finance Minister, Mr Ken Ofori-Atta has said that Ghana is making progress in the Gross Domestic Product  (GDP) growth rate.

This progress, he said, gives the government a solid foundation to confront the challenges ahead.

Addressing a press conference in Accra on Wednesday September 28, Mr Ofori-Atta indicated that overall, Ghana’s growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in our fiscal position, suggests the economy is gradually on the upswing despite the numerous shocks that the country has faced over the past two years.

“These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be.

“This progress gives us a solid foundation to confront the challenges ahead. Undoubtedly, global risks remain on the horizon, including a strengthening US dollar. and higher interest rates which negatively affect external borrowing.

“This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.”

He added “Within this context, Government is finalizing its Post-COVID-19 economic programme as the domestic blueprint to engage the IMF.