Deputy Finance Minister clarifies “Turning the Corner” statement by Ken Ofori-Atta
In the aftermath of Finance Minister Ken Ofori-Atta’s pronouncement on the nation “turning the corner” during the 2023 mid-year budget review in parliament, economic experts remain divided over the true implications of this statement.
Deputy Finance Minister, Dr. John Ampontuah Kumah, sought to dispel any misinterpretations, clarifying that the phrase does not signify an absolute resolution of all economic challenges. Instead, it indicates some progress made and a discernible path towards recovery.
Dr. Kumah explained the context behind the metaphorical expression, comparing it to the act of turning a corner while driving – signifying a clearer vision and a more direct route to a better destination. Despite the Finance Minister’s confidence in the country’s trajectory, experts raise concerns about the sustainability of this positive outlook.
Supporting the Minister’s claims, Ghana’s government points to a compelling array of statistics presented during the budget review, indicating tangible progress towards economic recovery. Moreover, their compliance with some recommendations from the International Monetary Fund (IMF) is viewed as an encouraging sign.
However, Finance Lecturer, Professor Godfred Bokpin, offers a contrasting view, arguing that Ghana’s economic growth remains stunted due to the government’s posture of not fulfilling critical obligations.
Among these concerns are the suspension of debt servicing on external debt and delayed payments to contractors and Independent Power Producers (IPP). Professor Bokpin contends that neglecting these vital obligations could potentially undermine the stability being touted.
As the nation navigates through a challenging global and domestic financial landscape, the Finance Minister’s “turning the corner” statement remains a topic of contentious debate. The divergence in expert opinions raises questions about the true state of Ghana’s economy and its ability to sustain the progress witnessed thus far.
Stakeholders and observers are closely monitoring developments to ascertain whether the nation’s economic recovery is indeed on an irreversible path or if there are underlying challenges that could dampen the optimistic outlook.
