The Ghanaian economy faces huge risks in the short term, a financial analyst, Joe Jackson, has observed.

This is despite the assurance by Finance Minister Ken Ofori-Atta that the corner has turned relative to the economic challenges.

“The Ghanaian economy faces huge risks in the short term,” he tweed while rejecting Mr Ofori-Atta’s claim of turning the corner.

He added “Protect yourself by 1. Reduce expenses – cut unnecessary spending 2. Hold on to your job and income 3. Find alternative sources of income 4. Keep saving 5. Avoid taking on debt.”

Mr Ofori-Atta has however insisted that the government has turned the corner relative to the economic challenges.

He stated that this has given the government a clear view of what to do to bring down further prices of goods and services, especially food.

Speaking on Ghana Television on Sunday, August 6, he said “There is the issue of queues, and food shortages in other African countries, we have been able to avoid that somehow.

“So when you look at the totality of that you begin to ask, compared to where we were as a country and where we are today, clearly, I see us turning the corner and therefore a much more clear view of what we need to do to be able to actually get more granular in terms of the prices of food, how to bring it further down.”

It is recalled the Minority Leader Dr Cassiel Ato Forson him that he had not turned the corner relative to the economic challenges. This was after Mr Ofori-Atta said that the government had avoided the unimaginable.

He told Parliament during the presentation of the 2023 mid-year budget review on Monday, July 31 that with a lot of effort, the government managed to avoid empty shop shelves for medicines and other essentials the country has 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,” he said.

“Indeed, as the Psalmist said (in Psalm 118:23) this is the LORD’s doing; and it is marvellous in our eyes.

“This ‘turning the corner’ is underpinned by the investments and sacrifices we have
collectively made during this difficult period since March 2020,” he added.

Mr Ofori-Atta further said that it is important that we acknowledge some of the major milestones that this country has experienced in the last 3 years.

“We should be still and appreciate that despite our challenges as a country, we have been saved from many extreme conditions that others have suffered, including peace, health, security, continuous supply of power, and life itself, amongst others.

“Over that period, the country has gone through extremely difficult situations, and
the gratitude of His Excellency the President and his government goes to the good
people of Ghana for their patience, understanding and positive contributions to
Government’s efforts to weather the storm.”

Speaking on the floor of Parliament after the budget presentation, Dr Forson who is also te Member of Parliament for Ejumako Enyan Essiam said “Mr. Speaker, let our minister not say anywhere that he has turned the corner; he has rather deepened our woes.”


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