Economist urges President Akufo-Addo to declare state of emergency over economic crisis
Renowned economist Kwame Pianim has urged President Nana Addo Dankwa Akufo-Addo to declare a state of emergency to address Ghana’s current economic crisis. According to Pianim, this step is crucial in tackling the crisis effectively.
Speaking in an interview on TV3, Pianim emphasized the need for transparency, stating that Ghana should acknowledge the deep crisis it is facing and communicate the severity of the situation to its citizens.
Pianim suggested that symbolic actions, such as reducing the size of the government and suspending non-essential expenditures, would demonstrate the country’s commitment to addressing the crisis. By tightening belts and making necessary adjustments, Ghana could navigate its way out of the economic challenges it currently faces.
President Akufo-Addo, in a recent address to the nation, had already cautioned Ghanaians that the IMF program alone would not solve all of the country’s problems. While the approval of the $3 billion deal from the IMF sends a positive message to creditors and investors, the president acknowledged that the difficulties Ghana is experiencing will not immediately disappear. However, he expressed optimism that the IMF program would restore confidence and open up new opportunities for the country.
Finance Minister Ken Ofori-Atta echoed similar sentiments, emphasizing that the IMF’s approval of Ghana’s bailout request is not a magic solution. He highlighted that the approval marks the first step in a necessary journey toward implementing strong reforms, achieving inclusive growth, and pursuing a growth agenda that will ultimately restore Ghana’s economy to a position of strength, prosperity, and resilience.
The calls from economist Kwame Pianim for a state of emergency reflect the urgency and seriousness with which some experts believe Ghana should address its economic crisis. While the IMF program is seen as a positive development, it is widely acknowledged that it will require comprehensive and sustained efforts to overcome the challenges and restore stability to the country’s economy.
