Ghana’s economy stabilised but has not turned the corner – Kofi Arkaah

Kofi Arkaah, a financial analyst

President Nana Addo Dankwa Akufo-Addo while delivering his Christmas message for the year 2023, and the 2024 budget announcement mentioned Ghana’s economy has taken a positive shift after three challenging years.

Reacting to the president’s statement in an exclusive interview on Citi TV, Kofi Arkaah, a financial analyst expressed doubts regarding the government’s claims that the economy has turned around for the best.

According to him, the country’s economy is currently in a stable phase but questioned why and how the government claims the economy has genuinely turned around.

“No, I don’t think Ghana’s economy has turned the corner. Ghana’s economy is in a period of stabilization and that stabilization will take the next three years. Ghana’s growth rate is 2.8%, Ghana’s population growth rate is 1.9%, GDP growth rate is 2%. We are growing just below 1%. And if you look at the forecast for the next 2 to 3 years, they are the same. We are just flat to be growing a little bit,” he explained.

Touching on how the country’s economic fortunes can be turned around, Kofi Arkaah projected an economic boost if fiscal policies are implemented to curb reckless borrowing and corruption following the International Monetary bailout.

“Post the IMF deal leaving and ending, if we can sustain optimal reserve ratio, but more importantly implement fiscal policies which will curb the reckless borrowing that we engaged in. And also check the systematic corruption that has occurred in Ghana over the last 7 years, then we stand a chance,” he asserted.

EAN/FNOQ

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