Ghana’s economic woes to peak in July – economist

ghana money

A cocktail of economic challenges, including declining GDP growth, rising inflation and high unemployment will peak in July, according to economist and financial analyst Mr Kusi Boafo.

Speaking on Kessben FM’s political program, Democracy, the chartered accountant, who has provided financial advice to Rwanda’s government, said that Ghana will reach “a crescendo of problems” next month.

He added that other issues, such as central bank financing of government through treasury bills, the possible printing of money, a massive increase in public debt, and the weakening currency could see the economy at its worst within weeks.

The lecturer at the Kumasi Polythenic further indicated that it would take the country at least five years to recover from the economic mess, which he attributed to bad government.

“The confusion is still galore after Senchi Consensus with mounting debt; we are still searching for the routes.

“By July, the electricity problem is going to be at its worst and the government will not be able to pay statutory funds to district assemblies. It will take a minimum of five years to resurrect, and not six months as speculated by government officials.

“There is massive declining consumer confidence and by July, the currency of the country will be more weakened.”

Mr Boafo said that Parliament appears to be paralysed and unable or unwilling to act on the challenges the country faces. “There will come a time when Parliament will sit under trees,” he teased, saying that they cannot currently afford to fix leaks on the roof of the House.

Mr Boafo urged Parliament to sit up and hold leaders to account in order to save Ghanaians from further hardship.

By Evans Osei-Bonsu (Kessben FM)