Director of Operations and Economist at Dalex Finance Ken Ofori-Atta, Ghana’s finance minister, disputed Joe Jackson’s assertions that the country’s economy has recovered and turned the corner.
He asserts that Ghana’s economy is still in the “Intensive Care Unit,” and that the Finance Minister ought to have spoken the truth in front of the legislature about the Mid-Year Budget Review.
In his speech to the legislature, Mr. Ofori-Atta stated that after experiencing tremendous economic challenges in 2022, Ghana is making small progress in reviving its economy.
He emphasised that the government’s goals and programmes are starting to produce fruitful outcomes and asked the country to recognise the significant accomplishments made over the previous three years.
“Mr. Speaker, we’ve come a long way and, more importantly, we’re committed to keep going in that direction. We anticipate that the actions taken will soon produce more economic activity than has ever been seen in the Fourth Republic’s history. A lot of the goods we are used to importing should soon be replaced by a continuous expansion in domestic production, including industry and agriculture, according to the finance minister’s predictions.
However, Mr. Joe Jackson highlighted a number of significant problems affecting the country’s economy while appearing on the Big Issues on Citi TV. He emphasised the ongoing difficulties with tax collection, the mounting national debt, and the absence of significant economic growth that may result in the nation’s meaningful development.
“I will say that we have turned the corner when we have moved to the recovery ward, but at this moment this economy is still in the ICU and I think it is a disservice to the people of this country to say that we have turned the corner,” stated Mr. Jackson.
In order to reduce the budget imbalance, the economist also emphasised the significance of decreasing unneeded government spending. To ensure sustainable financial management, he asked the government to shrink the size of the government, streamline bureaucratic processes, and give priority to crucial sectors.
