Development Economist Dr. George Domfeh has expressed deep concern over Ghana’s economic situation.
He has described the current state of the country as increasingly depressing.
Explaining this, Mr Domfeh stated that the country’s “hope and future is in the hands of well to do and economically stable countries” that leverage on this weakness to “dictate to the country what it should do, how it should do it, and when we should do it.”
Speaking to Nana Yaa Brefo and Isaac Ekow JB on Yen Nsempa on Onua FM, Mr Domfeh stated that he finds it mind boggling that the country celebrates Independence Day as the continued reliance on Western donors renders Ghana’s independence questionable.
“We claim our country is 67 years, but at 67 still we beg and seek heavy aid, there are a lot of things we haven’t accomplished as a country,” he said on March 5.
“They’ll always dictate for us, telling us what to do, when to do it and how to do it, speaking about Ghana is becoming depressing. I do not engage in activities related to 6th March, I do not see the independence of which we celebrate, I don’t think we’ve gotten there yet.”
The Economist stated that it is due to this over dependence on other countries that the Finance Ministry is advising President Nana Addo Dankwa Akufo-Addo against signing the anti-LGBTQ+ bill.
This comes after the Ministry of Finance in a press release on Monday, March 4, pleaded with President Akufo-Addo not to assent to the recently passed anti-LGBTQ bill by Parliament.
The Finance Ministry cautioned that approving the bill could result in significant financial consequences for Ghana.
According to the Finance Ministry’s statement, Ghana stands to lose a substantial amount of World Bank financing, estimating a potential loss of USD$3.8 billion over the next five to six years.
Specifically, the impact for 2024 includes a loss of USD$600 million in budget support and USD$250 million for the Financial Stability Fund, adversely affecting Ghana’s foreign exchange reserves and exchange rate stability.
As Ghana grapples with these challenges, Dr. Domfeh’s remarks serve as a poignant reminder of the urgent need for the country to chart a path towards economic self-sufficiency and assert its sovereignty in global affairs.
By Lois Dogbe