An associate professor of economics at Niagara University, Dennis Nsafoah, has described the 2024 budget as a victory for the country’s fiscal authorities but an economic burden for Ghanaian households and businesses.
Speaking at The Investment Dialogue organized by Citi FM/Citi TV in collaboration with Tesah Capital on February 15, Professor Nsafoah said the former Finance Minister, Ken Ofori-Atta, was right when he gave the name Nkunim to the 2024 budget because it paved the way for the victory of fiscal authorities.
“The Finance Minister named the 2024 budget as the Nkunim Budget, and I think he has every right to name it the Nkunim Budget. He was right when he said the economy had turned the corner. In my opinion, by reading the budget, I saw a path through which fiscal authorities can return public debt to sustainable levels and that is a victory on its own. So the 2024 budget was a victory for the fiscal authorities, but the real question is, is it really a victory for Ghanaian households and businesses?”
“Ghanaian households and businesses have and will continue to pay a huge price for this victory that fiscal authorities are going to receive.”
He proposed that measures be taken to effectively manage the country’s debt levels to help protect households and businesses.
“Monetizing the debt has been the most effective but also the most harmful to households and businesses, particularly affecting low-income groups due to the disproportionate impact of inflation.”
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