Ghana’s economy faces several problems. Our debt level continues to be elevated, revenues have dropped, and expenditures continue to increase.
Good jobs are more difficult to find, and unemployment can be on the rise. These have been continuing problems since the days of yore.
But the problems have become increased in the last two years because of the COVID-19 pandemic.
Lately, one other issue has emerged with similarly devastating consequences for the economic climate. And that is, a troll associated with “economists” supposedly eminent types aggressively talking down the Ghanaian economy.
From Kwame Pianim, Kofi Amoah to Prof. Bopkin, these “economists” were consistent in highlighting the issues of the economy from viewpoints that are incoherent, soaked within emotions, and laced along with hatred for one man – Ken Ofori-Atta.
They are therefore focused on berating the supervisors of the economy; they provide simply no solutions. Given the notable status these guys are approved in discussions of the economic climate and economics, their phrases are doing as much damage to the particular economy as the pandemic.
They may be doing their very best in order to counter efforts to claw back the economy through the jaws of COVID-19.
The very first of these guys is Mister. Kwame Pianim, the prestigious economist who resign from your NPP in 2001 declaring the party could not earn the 2000 elections.
Kwame Pianim says Ken Ofori-Atta ought to have grown the economic climate.
I wonder, where Mister. Pianim has been since 2017 when Ofori-Atta took over the particular reins of the economy?
In the last year (2016) economic development was a mere 3. 4%.
In 2017 economic development more than doubled to eight. 1%. Economic growth continued to be above 6% in 2018 and 2019.
In 2020, COVID-19 hit. The world economic climate grew by negative several. 3%. Africa recorded the first economic recession (negative economic growth) in quarter of a century with negative growth of just one. 9%.
Ghana bucked fashionable. It managed against all of the odds to grow by zero. 4%.
Is Kwame Pianim unware of these growth numbers?
There must be something wrong someplace!
Kwame Pianim again states, Ken Ofori-Atta has lent too much, and the country is not receiving value for money.
Yes, Tobey maguire Ofori-Atta has borrowed. They have increased Ghana’s public financial debt nominally by 174%. Their immediate predecessor finance ressortchef (umgangssprachlich) increased the public debt simply by staggering 1255% between this year and 2016. These are details, Mr. Pianim might want to examine.
Another of the eminent “economist” who has been pummeling Ghana’s economy and its managers will be Prof. Bokpin, the fund guy at the University associated with Ghana Business School that has surprisingly taken on the burdensome title of an “economist”.
Within series of commentaries recently, he admits that among others things that, the fundamentals from the economy is weak (myjoyonline, 14 January 2022 one: 59pm). He is right.
Within 2018, Bokpin “…explained how the fundamentals of the economy happen to be looking positive…”( ghanaweb: Business Information of Wednesday, 11 Come july 1st 2018).
The only plausible plus logical difference between 2018 and 2022 is COVID-19 pandemic.
In the same job interview at which Prof. Bokpin known “weak fundamentals” he remarked that the Electronic Transaction Garnishment (E-Levy) is a good tax determine that will rake in revenue, incorporating “it’ll please investors, after that it’ll please you and We because the rising public financial debt signals some kind of uncertainty and several potential for government to increase fees in order to reduce the debt. ”
On November 18, 2021, a caption on myjoyonline. com read: ‘It is usually counterproductive, it’s a very lazy way of raising revenue’ – Prof Bokpin on E-levy.
The good Professor spoke each day after the budget was study. He may not have had time for you to read and digest this before.
The lesson inside is our “economists” must be slow to talk. The cacophony of voices and text messages on social and conventional media do not often existing all sides to problems in Ghana.
I finish with Dr . Kofi Amoah, popularly known as Citizen Kofi, a very prominent citizen and eminent “economists”.
Kofi Amoah states Ghana is broke plus needs a “better and more powerful hands to manage the economy”. Sounds like someone looking for a work. He tweeted in a reaction to a Bloomberg news story regarding Ghana’s economy and severe debt situation.
Ironically, once the same Bloomberg carried the news story that Ghana’s financial growth has been faster compared to expected, Dr . Amoah great fellow “economists” neither messaged nor granted interviews in the story.
For one thing, our “revered economists” ought to know that COVID-19 happened!
If we assume with no admitting that Ghana is usually broke, the question is could, or even would Kofi Amoah make this remark in 2019?
The economy before COVID-19 was not a trouble-free one particular. Some of the current challenges are there. COVID has amplified all of them.
But in 2019, despite all of the challenges, no one could have stated that Ghana was broke. With no one said so.
Ghana exited the IMF Prolonged Credit Facility Programme within April 2019. Economic development was healthy 6. 5% compared to 2 . 9 development for the world and a few. 2 for Sub-Saharan The african continent.
National debt was 63% of GDP (58% not including the energy and financial industry bailout costs).
In Feb 2020, Bloomberg picked Ghana as Africa’s Top Applicant for an Economic Leap!
Simply by refusing to recognise that COVID-19 happened and that it has acquired the most severe impact on the particular economy, Kofi Amoah great likes have chosen to fault one man for all the nation’s problems – Ken Ofori.
Take it or burry the head in the sand, COVID occurred, and it forced the financial minister to literally put away his 2020 Budget.
This individual was compelled to raise assets we do not have to fight the particular pandemic.
He spent a lot of money on containment and minimization measures at a time when Accra and Kumasi had close, airports and land edges closed, and government profits were not forthcoming.
The government by which he is a finance ressortchef (umgangssprachlich) took, the decision to provide free/subsidized electricity and water for almost a year. Many Ghanaians believed it was the right thing to do.
The particular finance minister had to get the money to pay for that. These types of naturally will go to increase the general public debt.
Our “economists” appear to have no idea of the magnitude associated with bills the finance ministry had to pick up from the power sector just to keep the lamps on.
If they care they need to find out. It will help the discussion.
To single out one guy – Ken Ofori-Atta – in these difficult circumstances pertaining to blame is to be unfair not just to him but also towards the facts and reason.
Simply by: Kwasi Korankye (KK) – A non-eminent citizen!
The particular post In Defence associated with Facts and Reason, Not really Ofori-Atta appeared first upon MyNewsGh.