The Ghana National Chamber of Commerce and Industry has refuted claims by Finance Minister Ken Ofori-Atta that the economy has improved after going through turbulence last year.
Ofori-Atta said on Monday (31 July) that Ghana has turned the corner after experiencing its worst economic and financial crisis in decades.
“We have avoided the unimaginable, but what could have been so easily possible under different leadership circumstances,” he said while presenting the 2023 Mid-Year Budget Review in Parliament.
“It is no exaggeration to say we cannot find another period in our history where so many different headwinds hit our economy at the same time with unrelenting speed and scale. Thankfully, as the numbers are beginning to show and as many Hon. Members of the House have indicated to me in our engagements, we have, together as a nation, turned the corner…
“… With a lot of effort, we have managed to avoid empty shop shelves for medicines and other essentials; we have 3 seen no shortages of food; we have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on,” Ofori-Atta said.
Consolidate the gains
However, speaking on the Asaase Breakfast Show on Tuesday (1 August), the CEO of GNCCI, Mark Badu-Aboagye, said although the economy has made some recovery, the government must focus on consolidating the gains made so far.
“If you have inflation still at 42%, then definitely it is a cause for concern,” Badu-Aboagye said. “If you have your policy rate at 30% which means that interest rate are still high, then it is still a cause for concern.”
“So, for me we have seen some stability, on the back of the IMF programme that we undertook. There is a level of confidence , but I don’t want us to say that we ‘have turned the corner and then as such we should be happy.’ I don’t think we should be happy now, we have made a very good beginning that we need to consolidate.
“So, for me I think that it’s a positive sign but if you go into details in the budget, you will clearly see that we have not really turned the corner and we still have some risks up there,” he added.
Listen to Mark Badu-Aboagye in the attached audio clip below:
Reporting by Fred Dzakpata in Accra
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