Economist challenges economic recovery claims by Finance Minister
Professor Godfred Bokpin has raised substantial objections to the Finance Minister’s assertions of a stable and recovering Ghanaian economy. Despite the Finance Minister’s optimistic outlook, Prof. Bokpin contends that the nation’s economy is far from achieving normalcy and continues to grapple with significant challenges.
In an interview on the AM Show on Tuesday, Prof. Bokpin cast doubt on the notion that Ghana’s economic woes have been effectively resolved. While acknowledging some relative stability due to the approval of the IMF-supported programme and an inflow of $600 million, he cautions against hasty conclusions regarding a complete recovery. For the economy to genuinely turn the corner, it must operate at full capacity with all indicators moving in the right direction, which, according to the professor, is not yet the case.
The economist further highlights concerns over the government’s outstanding arrears to various contractors, including school feeding caterers and independent power producers. Such unresolved commitments raise questions about the actual extent of economic stabilization and undermine claims of a successful recovery.
Prof. Bokpin criticizes the Finance Minister’s budget review for its overly confident approach, which he believes does not accurately reflect the current reality of Ghana’s economic situation. The lack of a realistic portrayal of the country’s financial landscape raises doubts about the validity of the government’s assurances.
Despite the modest progress touted by the Finance Minister in reviving the economy after facing severe hardships in 2022, Prof. Bokpin remains skeptical. He warns that Ghana’s economic recovery journey may come at a substantial cost, indicating that the path ahead is likely to be fraught with challenges.
As the nation grapples with economic uncertainties and strives for true stability, Prof. Bokpin’s dissenting voice adds to the ongoing debate over the actual state of Ghana’s financial resurgence. Market participants and investors keep a watchful eye on the nation’s economic trajectory, seeking clarity amid conflicting narratives and the evolving global economic landscape.
