Ghana is a country in economic distress – Kwesi Botchwey 

The signs are clear that Ghana is in economic distress, a former Finance MinisteProfessor Kwesi Botchwey has said.

Speaking at a public lecture on Monday March 7 he said “As we speak all the signs point to a country in some economic distress. The exchange rate at the Forex Bureau is nearing 8 cedis to the dollar. Fuel prices at the fuel stations have crossed the 8 cedis per liter bar.”

Prof Kwesi Botchwey further asked the government to recognize that the country is going through crisis.

He also said the government must listen to the key issued raised by the Minority in Parliament against the proposed E-levy and address those issues.

“We are in crisis and the opposition have raised concerns on the effects it [E-Levy] would have on the cashless society we want to have, and also the hardship it will bring upon the vulnerable. Let us get to recognise that the concerns of the opposition are critical issues by engaging in transparent and respectful conversations.”

“Now, the first solution to this is to recognise that we have a problem. If you’re telling the public that things are cool, we have never had it like this, we have done better than anybody in the past, if you are professing hubris, it tells that you do not have a problem.”

“Speaking this way gives you no stance to collecting monies from the people, no matter the exemption given it, I’m not saying we should panic, but standing comfortably and smiling as if the house is not on fire is terrible, and shouldn’t be done,” he said.

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The lecturer was on the theme: “On the state of the nation’s economy and politics, 65 years after independence, the path to sustainable development and democratic consolidation.”

By Laud Nartey||Ghana