According to financial analyst Joe Jackson, there are significant concerns facing the Ghanaian economy shortly.
This is despite Ken Ofori-Atta, the finance minister, who claimed that the economic issues have turned the corner.
He disputed Mr. Ofori-Atta’s assertion that the Ghanaian economy was turning the corner and stated, “The Ghanaian economy faces huge risks in the short term.”
“Protect yourself by 1. Reducing expenses – cutting unnecessary spending,” he continued. 2. Continue working and earning money. 3. Look for additional sources of income; 4. Continue saving; and 5. Refrain from taking on debt.
However, Mr. Ofori-Atta has claimed that the government has made progress about the economic difficulties.
He claimed that by doing this, the government now has a clear understanding of what has to be done to further reduce the cost of products and services, particularly food.
On August 6, he added, “There is the issue of lineups, and food shortages in other African countries, we have been able to escape it in some way, speaking on Ghana Television.
So when you consider everything, you start to wonder: “Compared to where we were as a country and where we are now, clearly, I see us turning the corner and, consequently, a much more clear view of what we need to do to be able to get more granular in terms of the prices of food, how to bring it further down.”
The Minority Leader, Dr. Cassiel Ato, reminded him that he still hadn’t overcome the economic difficulties. After Mr. Ofori-Atta said that the government had avoided the unthinkable, this occurred.
During the presentation of the 2023 mid-year budget review to Parliament on July 31, he stated that despite significant efforts, the government was able to prevent empty store shelves for essentials like medicines and food;
“We have avoided the aggravating prospect of protracted lines for fuel at our filling stations; and, despite all the difficulties, we have managed to keep the lights on,” he stated.
This is what the Psalmist (in Psalm 118:23) claimed was the LORD’s doing, and it is marvelous in our sight.
In addition, he said, “This ‘turning the corner’ is supported by the investments and sacrifices we have made jointly during this challenging period since March 2020.
Mr. Ofori-Atta continued by saying that we must recognize some of the significant turning points this nation has gone through in the previous three years.
“Despite the difficulties we face as a nation, we should remain calm and recognize that we have been spared from many terrible situations that others have faced, including peace, health, security, a constant supply of power, and even life itself, among others.
The country has faced exceptionally challenging circumstances during that time, and His Excellency the President and his administration are grateful to the good people of Ghana for their forbearance, understanding, and helpful contributions to the government’s attempts to weather the storm.
After the budget was presented, Dr. Forson, who represents Ejumako Enyan Essiam in Parliament, addressed the chamber and said, “Mr. Speaker, let our minister not say anywhere that he has turned the corner; he has rather deepened our woes.”