Bloomberg report shows grim economic outlook for Ghana
Akufo-Addo needs a better finance minister, Dr Kofi Amoah
Ghana’s dollar bonds slumped 10% in ten days, Bloomberg report
Economist and business mogul, Dr. Kofi Amoah has restated that Ghana is broke and more importantly is in need of a better and stronger hand to manage the economy.
In a tweet expressing his opinion over a Bloomberg report spelling out a grim outlook for Ghana’s economy with regards to the country’s inability to service its huge debts, Dr. Amoah said a time of reckoning was upon the country.
“The time of reckoning is upon our land…our dear nation is broke and her lenders are throwing in the towel. President Akufo-Addo needs a better finance minister,” Amoah, popularly referred to as Citizen Kofi wrote.
“We must jettison the borrow for freebie development without jobs. Create jobs for the youth,” he added.
THE TIME OF RECKONING IS UPON OUR LAND… OUR DEAR NATION IS BROKE AND HER LENDERS ARE THROWING IN THE TOWEL
Prez Akufo Addo needs a better finance minister
We must jettison the “Borrow for Freebie Development Without Jobs”
CREATE JOBS FOR THE YOUTHhttps://t.co/4lcFsl2Xu8
— citizen kofi amoah (@amoah_citizen) January 13, 2022
Ghana is still broke – Joe Jackson restates
His view aligns with that of financial analyst Joe Jackson who in early December 2021 stated that Ghana was broke to the extent that trainees on the Nation Builders Corps, NABCO, were owed stipends for four consecutive months – September to December.
“Ghana is still broke! We spend 50% of revenue on interest payments and 55% on Salaries. Govt needs to increase tax revenue else we may not be able to even borrow more. Hence the proposed E-levy. #TaxTheWealthy #HardDecisions #BrokeGhana,” he tweeted.
In May 2021, Jackson backed a call for the cancellation of debts as advanced by President Akufo-Addo during a Paris Sumit on Financing African Economies.
He called Akufo-Addo’s appeal, “a step in the right direction. We are in a difficulty as Ghana and West Africa,” adding, “this is exactly what we need. Ghana is broke at the moment. Going to the international community to say we should be forgiven our debt is the way to go.”
Ghana is not broke – ISSER’s Prof. Quartey
Earlier this month, the first ‘Ghana is not broke’ proponent in a long while popped up in the person of University of Ghana economist Prof. Peter Quartey.
Prof. Quartey who is also head of UG’s Institute of Statistical, Social and Economic Research, ISSER, explained that the main issues that point to a broken economy are not found anywhere in the country.
“Any economy that is broke should not be able to pay salaries and wages. Any economy that is broke should not be able to pay for its imports and should not be able to service its debts.
“Have we ever heard in the past couple of years that the government has not been able to service its debts?” he asked.
He cautioned politicians especially to desist from employing the use of such language because it was not proper so to do. He is, however, quick to admit that the government is indeed facing challenges.