A Senior Ghanaian economist and Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has raised an alarm over Ghana’s economic situation and called for immediate action from our ‘economic managers.’
According to Dr Kwakye, Ghana’s debt is rising to pre-HIPC levels, Ghana has one of the highest inflation in the world and the cedi is depreciating at an alarming level yet there is no action being taken.
He also pointed out that investors are panicking due to the slow pace of negotiations between the government of Ghana and the International Monetary Fund (IMF) which is causing further damage to the cedi.
Dr Kwakye made his concerns known in a series of posts on Twitter.
“The IMF is moving at a snail’s pace in negotiating Ghana’s program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!” Dr. Kwakye tweeted.
He further observed that the government of Ghana at the moment does not have enough money to meet its economic obligations which has exacerbated already high levels of inflation and further ballooned the debt.
“Sadly, the economy is being run aground. Gov’t doesn’t have money to meet its obligations. Ghana has one of the highest inflations in the world. The cedi is one of the worst-performing currencies. Our debt is rising to pre-HIPC levels. And yet our economic managers stand aloof,” Dr. Kwakye tweeted further.
Sadly, the economy is being run aground. Gov't doesn't have money to meet its obligations. Ghana has one of the highest inflations in the world. The cedi is one of the worst performing currencies. Our debt is rising to pre-HIPC levels. And yet our economic managers stand aloof.
— J. K. Kwakye (@JohnKwabenaKwa1) October 11, 2022
The IMF is moving at a snail's pace in negotiating Ghana's program, as if nothing is at stake. The delay and uncertainty are fueling speculation and panic in the investor community, causing continued damage to the cedi. Yet our economic managers stand aloof. This is unacceptable!
— J. K. Kwakye (@JohnKwabenaKwa1) October 11, 2022
Source: theGhanaianVoice.Com