Banking Consultant, Dr Richmond Atuahene, in October last year when he appeared on GhanaWeb TV’s BizTech programme said the local economy will take between 5 to 7 years to bounce back to normal.<\/p>\n Dr Atuahene said until the country’s cost-push inflation is tamed, the economy will continue to be in a wobbling state.<\/p>\n Read the full story originally published on October 24, 2023 by www.ghanaweb.com.<\/p>\n Banking Consultant, Dr Richmond Atuahene, has said Ghana’s economy will take a long time to bounce back to normal levels.<\/p>\n Making this known on GhanaWeb TV’s BizTech programme, he stated categorically that the economy will take between 5 to 7 years to recover.<\/p>\n Dr Atuahene noted that until the country’s cost-push inflation is tamed, the local economy will continue to be in a wobbling state.<\/p>\n “The economy is not going to turn around today or tomorrow. It will take quite a reasonable time and if I am a prophet, I’ll tell you it will take 5 to 7 years,” the banking consultant told the host of BizTech.<\/p>\n He added that, “If we want to achieve A+- when we are importing everything, poultry feed, rice, sugar, even dead bodies, how can you control it. Because our cost-push inflation, the policy rate they are looking at demand push. The cost push is something that is coming from external.”<\/p>\n It would be recalled that the local economy took a nosedive in 2020 after the outbreak of the coronavirus pandemic.<\/p>\n It remained in a wobbling state for quite some time before the Russia-Ukraine war aggravated the case.<\/p>\n As part of measures to tame high inflation and stabilize the economy, the government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.<\/p>\n Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.<\/p>\n A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.<\/p>\n On May 17, 2023, IMF’s executive board approved Ghana’s $3 billion loan facility.<\/p>\n The first tranche of $600million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.<\/p>\n The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"Banking](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/762\/76216951.295.jpg\" "\\"Banking")
Banking Consultant, Dr Richmond Atuahene<\/span><\/span><\/p>\n<\/div>\n