A Professor at the University of Ghana Business School, Lord Mensah has told the government to stop giving timelines relative to the deal that it is seeking to close with the International Monetary Fund(IMF).
He says when timelines are given and failed, it creates uncertainties and doubts in the minds of the people.
He suggested that the government should rather focus on the process to get the deal sealed.
It is recalled that President Nana Addo Dankwa Akufo-Addo assured that Ghana was going to secure a deal with the Fund by end of March. However, that timeline failed.
Finance Minister Ken Ofori-Atta also stated that the local economy would fail if the deal was not closed by March.
Speaking on the Big Issue on TV3 Wednesday, April 12, Prof Mensah said “It is quite a complex situation looking at what is happening and the conditions that have been given to Ghana, contingent on the debt restructuring.
“Stop giving timelines because you create chaos and uncertainties in the minds of the people.”
For his part, former Member of Parliament for Tema East Daniel Nii Kwartei Titus Glover said that 2023 is the year of economic recovery for the Akufo-Addo administration.
He said “The IMF is giving us an opportunity as to how we can raise revenue to pay off our debts.”
He added, “2023 is the year of recovery … I agree that the grounds are very difficult or hard.”
Meanwhile, IMF has revised Ghana’s growth downwards in line with concerns that debt pressures and funding constraints would make it difficult for African economies to expand at full potential this year.
The fund cut the country’s growth forecast to 1.6 per cent for 2023 this month, down from 2.8 per cent in October last year.
It also cut growth for Nigeria and South Africa to 3.2 per cent and 0.1 per cent respectively in its latest World Economy Outlook (WEO).
The WEO, which is published twice yearly, was released on April 11 at the ongoing IMF/World Bank Spring Meetings in Washington D.C.
By Laud Nartey|3news.com|Ghana