Ghana has been experiencing challenges with all our major economic indicators; From our GDP to our foreign reserves and more importantly our inflation rate.
What is the economic management team doing about the inflation rate of 29.8 percent? What can be done to stop the depreciation of the cedi? Has the government put together plans to significantly increase our exports? Are there plans to work out the structural weaknesses.
The American Global Credit Rating Agency , the Standard and Poor (S&P) have released a report downgrading the country from B- to CCC+.
The report shows that the government has not successfully rolled out any measure that would save the situation. It also shows that Ghana has been saddled with so much external debts that there is little that can be done in terms of obtaining external credit alternatives.
Interestingly, the ministry of finance has rebutted the report , claiming that it implemented various revenue policies such as the E-levy and the Tax Exemption bill but the situation was exacerbated by external factors such as the Russia invasion.
Do Ghanaians believe the government's excuses? That is a matter for another day?
Dr. Kofi Amoah is an accomplished entrepreneur and an Economist. He worked in various companies in the United States and Ghana. He was a Non- Executive Director of the State Insurance Company in 2008. He owns a fleet of successful businesses including Citizen Kofi and Progeny Ventures.
The Economist and Statesman has made some recommendations about resolving the economic situation. He explained that the Free Senior High School should be reviewed because the government is unable to afford it. Dr. Amoah also indicated that he does not support calls for external borrowing and he raised concerns about how the country would repay?
What is surprising is the fact that the government is heading for external funds but yet more investments are being made into capital intensive projects.
Recall how Finance Minister Ken Ofori-Atta was trying to convince Ghanaians into buying into his National Cathedral idea. It was at a time that Ghanaians were struggling to satisfy the basic needs. Does Ken Ofori Atta understand that borrowing more debts is suicidal for a sovereign state? Should reshuffling Ken Ofori Atta be the number one antidote?
Can Dr. Kofi Amoah be given a major role as an economic or finance manager of the country?
Since there are too many anomalies, should training Ken Ofori-Atta be the way to go? Should Dr. Kofi Amoah be given a major position immediately? What are your thoughts on the ongoing discussion?
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