\n
Kenneth Kwamina Thompson, the CEO of Dalex Finance, warns that Ghanaians should brace themselves for tough economic times over the next decade.<\/p>\n
Speaking to Evans Mensah on Joy News\u2019 PM Express, Thompson expressed scepticism about the effectiveness of debt forgiveness, suggesting that it merely postpones Ghana\u2019s economic challenges rather than resolving them.<\/p>\n
\u201cI have been speaking about the Ghanaian economy since 2014, and I can assure you, as night follows day, that this $300 million from the IMF is merely covering the cracks; nothing will change,\u201d he said on Tuesday.<\/p>\n
He added, \u201cAs Ghanaians, we need to start preparing for a rough next ten years. We talk about savings, but when has the government ever met its revenue targets?<\/p>\n
\u201cAnd do you think international creditors are so naive that they won\u2019t take the money if it\u2019s available? Why would they give us a free pass? These are commercial creditors.<\/p>\n
\u201d<\/p>\nFinance Minister Dr Mohammed Amin Adam recently announced the completion of Ghana\u2019s debt restructuring program with its official creditors.<\/p>\n
According to the Karaga MP, the government has successfully restructured $5.1 billion in debt with these creditors and concluded the restructuring of $13.1 billion with Eurobond holders.<\/p>\n
Addressing attendees at a UK Town Hall meeting, Dr Amin Adam highlighted that these efforts have resulted in $8 billion in savings for the country.<\/p>\nFinance Minister Dr Mohammed Amin Adam<\/figcaption><\/figure>\n\u201cTwo weeks ago, we concluded negotiations with the official creditors and agreed to restructure $5.1 billion. The government has negotiated well, and we are going to save $2 billion from this amount.<\/p>\n
\u201cAs I speak to you, tomorrow morning, there will be an announcement that we have also concluded our negotiations with the Eurobond holders for $13.1 billion.<\/p>\n
\u201cLadies and gentlemen, when we announce it, please read the details. We have negotiated a good deal for Ghana, resulting in $8 billion in savings,\u201d he said.<\/p>\n
However, Mr. Thompson remains unconvinced that the situation will improve for Ghanaians.<\/p>\n
\u201cThere is nothing that will make me even consider for 1% that anything is going to change.<\/p>\n
\u201cThe situation with the local currency is not going to change. All that\u2019s going to happen is that as soon as the money comes in, the currency will stabilize temporarily,\u201d he stated.<\/p>\n
He predicts that after the December elections, the Ghanaian cedi will once again decline sharply against major international currencies.<\/p>\n
\u201cIf we couldn\u2019t solve our problems with over $10 billion in six years, how are we going to solve them with three billion?\u201d he questioned.<\/p>\n
\u201cLet\u2019s be real. I\u2019ve heard economists talk endlessly, and after the fact, they come and explain what happened. I can assure you that\u2019s what will happen again. When has the government ever met its revenue targets? There\u2019s what you plan on paper and then there\u2019s reality,\u201d he said.<\/p>\n
He emphasised that Ghanaians should prepare for the worst as the coming years will be very challenging.<\/p>\n
\u201cLet\u2019s acknowledge that the next ten years will be very rough. The government will have very little money to work with, and we are also cut off from international capital markets,\u201d he stated.<\/p>\n
Thompson advised government to \u201cfind ways to cut expenditure and increase income.\u201d<\/p>\n
Source<\/strong>:\u00a0Abubakar Ibrahim<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Kenneth Kwamina Thompson, the CEO of Dalex Finance, warns that Ghanaians should brace themselves for tough economic times over the next decade. Speaking to Evans Mensah on Joy News\u2019 PM Express, Thompson expressed scepticism about the effectiveness of debt forgiveness, suggesting that it merely postpones Ghana\u2019s economic challenges rather than resolving them. \u201cI have been […]<\/p>\n","protected":false},"author":1,"featured_media":193488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-193487","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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