Economist Isaac Kojo Yalley has downplayed assertions by finance Minister Ken Ofori Atta that the economy is on sound footing.
Finance Minister Ken Ofori Atta made the statement during the Presentation of the 2023 Mid- Year Budget and Economic Policy Review on Tuesday 31st July ,2023.
During a submission on Ahotor FM’s 92. 3 breakfast show (Adekye Mu Nsem) Mr. Yalley said the economy is not looking blissful as the minister wants to portray to the world.
The minority in parliament led by leader Cassiel Ato Forson and ranking on finance Committee and MP, Hon Isaac Adongo both took a swipe at government and Mr. Ofori Atta for giving accounts from the first quarter of the year which does not portray the real situation on the ground amidst tougher indicators across all sectors of the economy in the last six months in 2023.
Mr. Ofori Atta revealed to Ghanaians that government has put in the right mechanisms to ensure the economy regain stability after the impact of Ukraine – Russia war which affected international trade and economies of scale.
Isaac Yalley hinted to Citizen Kofi Owusu host of Adekye Mu Nsem that, the minister was not truthful to Ghanaians since the citizenry are preview to realistic economic hardships in the country.
Government projected 2023 fiscal year as milestone in the country’s economic fortunes compared to 2022, where covid 19 ravaged world economies.
Though President Akufo Addo assured the masses of measures in place to solve challenges in the country in both medium to long-term approach, Businesses on the other hand suffocated due to what many similarly said were bad policies by government which reduced lending at the banks.
Ken Ofori Atta at the presentation of the mid- year budget noted that, the storm is over and government quest to revamp the economy is non-negotiable.
He called on Ghanaians to support government’s effort to keep the country in business mode by subscribing to the many pragmatic roadmaps earmarked by President Akufo Addo’s administration.
The finance Minister Ken Ofori Atta further admonished the Independent Power Producers (IPPs) that government would soon roll out arrangement to service debts owed them by government under the domestic debt restructuring programme.
Government owes the IPPs over $ 2.1 billion.
The power producer recently threatened to cut power to the national grid over the unbridled debts owed by Government.
Senior Economist Isaac Kojo Yalley chastised the finance minister for plunging the country into unrepented economic hardships.
He said Ghanaians can no longer bare the hardships and is about time politicians speak truth to the ordinary Ghanaians.
He remarked that, balance of payment deficit which the finance minister touted is untruth and lacks basic economic analysis.
“Generally, goods and services are skyrocketing and the minister says what” He lamented!
Mr. Yalley bemoaned the high rate of inflation since the first quarter in 2023 affected sales and receivables by businesses in the country.
“Many businesses have folded up as a result of unrealistic economic policies” Mr. Yalley fumed!
Mr. Yalley opined that the presentation by the minister rather speaks to a negative economic outlook if government does not create the necessary enabling environment for businesses to thrive.
The Economist stress that “Till date there is over 1.2 billion cedis required to service the GDP but the minister failed to explain the modalities needed to deal with the gaps in the country’s growth rate.
Nana Dogbe\ AhotorOnline.com
