{"id":250023,"date":"2024-11-13T08:33:58","date_gmt":"2024-11-13T08:33:58","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/13\/ghana-must-address-the-root-causes-of-its-debt-crisis-atuahene\/"},"modified":"2024-11-13T08:33:58","modified_gmt":"2024-11-13T08:33:58","slug":"ghana-must-address-the-root-causes-of-its-debt-crisis-atuahene","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/13\/ghana-must-address-the-root-causes-of-its-debt-crisis-atuahene\/","title":{"rendered":"Ghana must address the root causes of its debt crisis \u2013 Atuahene"},"content":{"rendered":"

<\/p>\n

\n

\"Dr. Dr. Richmond Atuahene, Banking consultant<\/span><\/span><\/p>\n<\/div>\n

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Dr. Richmond Atuahene, a banking consultant, has pointed to the recent debt exchange program, which he asserts has led to substantial losses for Ghanaian investors.<\/p>\n

His remarks come on the heels of statements by the Finance Minister, who recently asserted that Ghana has achieved a \u201csoft landing\u201d after a period of economic turbulence.<\/p>\n

Speaking on Morning Starr with Naa Dedei Tettey, Dr. Atuahene\u2019s data-driven perspective paints a different picture, pointing to significant challenges that, he argues, have yet to be effectively addressed.<\/p>\n

\u201cWe landed hard,\u201d he said, contrasting the government\u2019s optimistic messaging with what he describes as harsh economic realities. \u201cIf you look at the trajectory in the whole of Africa, especially sub-Saharan Africa, we are a country really, really suffering.\u201d<\/p>\n

\u201cPeople have lost their investments,\u201d Atuahene explained. \u201cIt\u2019s been rescheduled for 13, 15 years,\u201d he said, questioning the sustainability of such measures.<\/p>\n

One of Atuahene\u2019s main concerns is the rapid depreciation of the cedi. \u201cAbout eight years ago, the dollar was 4.1 to the cedi. Today we are close to 18. With all this chatter, what have we done to ensure the stability of the currency? Absolutely nothing,\u201d he asserted. This devaluation, he said, highlights a lack of effective fiscal measures to stabilize the economy despite periodic cash infusions such as revenue from syndicated cocoa loans.<\/p>\n

Atuahene also criticized Ghana\u2019s inflation rate, which is among the highest in the sub-region. \u201cApart from Nigeria, which is slightly ahead of us, we are the worst country in inflation. If you go to Togo, it\u2019s about 6.4%. Africa is up at 3.8%, or thereabout. Even Burkina Faso is better off,\u201d he noted, pointing to inflation as an indicator of deeper structural issues.<\/p>\n

In addition to currency and inflation concerns, Atuahene spotlighted Ghana\u2019s low rate of private sector credit financing\u2014just 8%, significantly lagging behind other countries. \u201cIn the whole sub-Saharan Africa, we have the lowest private sector credit financing,\u201d he stated. He compared Ghana\u2019s rate with other African countries like Burkina Faso, which has 31%, and Mauritius, which has a staggering 68%. <\/p>\n

This, he argued, is a result of the government\u2019s continued reliance on borrowing, which has driven up interest rates and restricted capital flow to the private sector. \u201cHow is the private sector going to get business money to expand the economy?\u201d he asked, emphasizing the implications for long-term economic growth.<\/p>\n

Atuahene also drew attention to Ghana\u2019s rising poverty levels. Citing recent World Bank data, he stated, \u201cCurrently, according to the World Bank, 30% of Ghanaians are living in abject poverty, below $2 a day. We have jumped from 4 million to nearly 10 million people who cannot even feed themselves.\u201d In his view, these statistics challenge the notion that the country has reached any kind of economic stability, much less a \u201csoft landing.\u201d<\/p>\n

Atuahene\u2019s critique extended to the government\u2019s fiscal policies, which he argued have focused too heavily on monetary measures without adequate fiscal discipline. \u201cInstead of cutting costs to make savings, the government continues to spend without significant adjustments,\u201d he argued, calling for a shift from costly, short-term initiatives to more sustainable cost-cutting and economic strategies. He warned that Ghana\u2019s trajectory resembles that of Jamaica in the early 2010s, a period marked by repeated debt restructuring due to insufficient fiscal space. \u201cIf we don\u2019t take action now, we\u2019ll find ourselves rescheduling debt again by 2026 or 2027,\u201d he predicted.<\/p>\n

In closing, Atuahene urged the government to look beyond immediate fixes and address the structural challenges facing the economy. \u201cWhat are we doing to generate revenue to pay back this debt? What are we going to produce to bring in dollars?\u201d he asked, underscoring the need for long-term planning and accountability.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dr. Richmond Atuahene, Banking consultant Dr. Richmond Atuahene, a banking consultant, has pointed to the recent debt exchange program, which he asserts has led to substantial losses for Ghanaian investors. His remarks come on the heels of statements by the Finance Minister, who recently asserted that Ghana has achieved a \u201csoft landing\u201d after a period […]<\/p>\n","protected":false},"author":1,"featured_media":231956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-250023","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nGhana must address the root causes of its debt crisis \u2013 Atuahene - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/13\/ghana-must-address-the-root-causes-of-its-debt-crisis-atuahene\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana must address the root causes of its debt crisis \u2013 Atuahene - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Richmond Atuahene, Banking consultant Dr. Richmond Atuahene, a banking consultant, has pointed to the recent debt exchange program, which he asserts has led to substantial losses for Ghanaian investors. 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