Economist and Director of Operations at Dalex Finance Joe Jackson has dismissed claims by the Finance Minister, Ken Ofori-Atta, that Ghana’s economy has turned the corner and is on the path to recovery.
According to him, Ghana’s economy is still in the ‘Intensive Care Unit’ adding that Finance Minister should have been truthful with his comments when he addressed Parliament on the Mid-Year Budget review.
Mr Ofori-Atta during his address to Parliament said Ghana is making modest gains in turning the economy around after facing severe economic hardships in 2022.
He highlighted that the government’s plans and programs are beginning to yield positive results and urged the nation to acknowledge the major milestones achieved in the past three years.
“Mr. Speaker, we have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth Republic. Our plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing,” the Finance Minister stated.
But Mr Joe Jackson, speaking on the Big Issues on Citi TV highlighted several key issues plaguing the nation’s economy. He pointed out the persistent challenges in revenue generation, the rising public debt, and the lack of substantial economic growth that could lead to meaningful development for the country.
“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,” Mr Jackson said.
The economist also emphasized the importance of cutting unnecessary government expenses to address the fiscal deficit. He urged the government to reduce the size of the government, streamline bureaucratic structures, and prioritize essential sectors to ensure sustainable financial management.