Ghana should consider applying for an IMF programme, Dr Yamson
Ghana’s economy downgraded by credit rating agencies
Inflation hits 23.6%
Economist, Dr. Ishmael Yamson, has stated that government’s admission of the country’s current financial status will be a major step in addressing the country’s challenges.
He believes that the government is failing to admit that Ghana has
Read full articlea very serious problem in the country’s economic history.
According to him, being in a state of denial will not fuel the eagerness to find a lasting solution to the country’s problem.
Speaking on PM Express Business Edition the economist bemoaned the seriousness of Ghana’s economic crisis noting that the country is currently unable to access European funds to aid development.
“My own experience is if you want to solve a problem, you must understand what that problem is and you must admit what the problem is. The admission that you have a problem to me is 80% of the solution. Because if you admit that you have a problem then you are more eager to look for a solution. But it doesn’t seem to me that we accept the fact that we’re in very difficult times."
“It is a very difficult situation we have to the extent that we can’t access Europe money. And don’t forget Europe money helped this country a lot to stabilize the macro environment, the fiscal environment, and the moment we lost it, we were exposed,” he said.
Ghana’s economy is currently battling various economic turmoil due to the COVID-19 pandemic and the conflict currently ongoing between Russia and Ukraine.
The country was also downgraded by Fitch and Bloomberg in their latest credit ratings.
Meanwhile, the Ghana cedi has also depreciated against major trading currencies from the beginning of the year.
Inflation has also hit an all-time high of 23.6%, a situation indicative of the high prices of goods and services.
Dr. Ishmael Yamson is an Economist
