Economist and Director of Operations at Dalex Finance has disagreed with the Finance Minister, Ken Ofori-Atta’s claim that Ghana’s economy is on the path to recovery.
Joe Jackson believes that the economy is still in critical condition and compares it to being in the Intensive Care Unit.
He urged the Finance Minister to be truthful when addressing Parliament on the Mid-Year Budget review.
During his address, Ofori-Atta remarked that Ghana is making modest gains in turning the economy around after facing severe economic hardships in 2022.
He emphasized that the government’s plans and programs are beginning to yield positive results, and he urged the nation to acknowledge the major milestones achieved in the past three years.
“Mr. Speaker, we have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth Republic. Our plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing,” the Finance Minister stated.
However, speaking on the Big Issues on Citi TV Joe Jackson highlighted several key issues plaguing the nation’s economy.
He pointed out the persistent challenges in revenue generation, the rising public debt, and the lack of substantial economic growth that could lead to meaningful development for the country.
“I will say that we have turned the corner when we have moved to the recovery ward but at this moment this economy is still in the ICU and I think it is a disservice to the people of this country to say that we have turned the corner,” Mr Jackson said.
The economist also emphasized the importance of cutting unnecessary government expenses to address the fiscal deficit. He urged the government to reduce the size of the government, streamline bureaucratic structures, and prioritize essential sectors to ensure sustainable financial management.