Audio By Carbonatix
Ghanaians have been advised to brace themselves for further hardships this year due to the government’s ongoing debt restructuring programme and other policies.
This, according to the Ranking Member on Parliament’s Finance Committee Dr Cassiel Ato Forson, is because the programme will compel the country to record one of the worst non-oil GDP growths in the nation's history.
According to him, the debt exchange programme will have a negative impact on the economy which will in turn bring hardships on the citizenry.
In a Facebook post on Tuesday, January 3, Dr Forson added that the “haircuts” on domestic and Eurobonds will also have an adverse impact on the banking sector and local businesses.
“This year, Ghana's economy will record one of the worst non-oil GDP growths due to the impact of the debt restructuring and a plethora of extremely tough fiscal and monetary policies.
“The haircut on domestic bonds and Eurobond is expected to adversely impact the health of the banking sector, local businesses, and individuals! Also, Bilateral debt restructuring will lead to government’s foreign financed projects being abandoned,” the Ajumako Enyan Essiam MP said.
The former Deputy Finance Minister also said there will be mass layoffs this year.
He attributed this prediction to the government’s freeze on employment for the year.
“Unemployment will worsen due to the freeze on employment, debt restructuring, poor business climate, and massive austerity.
“Ghana will default in the payment of interest and principal on domestic bonds, Eurobonds, and most of our bilateral loans in 2023.
"This will be compounded by the following: Expected layoffs from the financial sector due to the impact of the debt restructuring and expected layoffs from gov't foreign financed projects,” he added.
Latest Stories
-
Phoenix Insurance donates computers to Korle Bu Teaching Hospital, calls for greater support for healthcare
36 minutes -
Seventeen months on, Mahama’s pledge to end Accra floods runs dry
1 hour -
AWLA-Ghana holds consultative forum to shape National Family Law and Justice Conference
1 hour -
Nigerian youths: Stop facebooking and face the book
1 hour -
Leadership, Accountability, and the KATH CEO suspension: Reflections on Ghana’s healthcare governance
2 hours -
Government repatriates 327 stranded Ghanaians from Côte d’Ivoire
2 hours -
World Cup qualification will deliver significant economic benefits to Ghana
2 hours -
ASEC urges major reforms after Akosombo Substation fire investigation
2 hours -
NDC achieved democratic objective with presidential term limit—Majority Leader
2 hours -
From Humble Beginnings to Public Service and the Global Stage: The journey of Emmanuel Kwame Agyemang
2 hours -
Bank of Africa partners schools nationwide for tree planting, promotes financial inclusion through education
2 hours -
Inflation could be coming down due to expected harvest season – Government Statistician
2 hours -
Croatia World Cup 2026 team guide
2 hours -
England World Cup 2026 team guide
3 hours -
The Law 101 – Plea Deals: Justice made swifter and surer
3 hours