Audio By Carbonatix
The Chief Executive of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has assured the populace that the current economic crisis will soon be a thing of the past.
Speaking on JoyNews’ PM Express: Business Edition, Mr Badu-Aboagye said with government’s conclusion of the International Monetary Fund (IMF) deal, Ghana’s economy will certainly transform.
He was optimistic about the future adding that “the outlook is good.”
“It will get better, but for this year, things will be a bit rough so if you’re taking a decision for the year, you should know that these adjustments are going to affect you,” he told host George Wiafe on Thursday.
Touching on the conditionalities that accompany the IMF deal, Mr Badu-Aboagye said the government rolled most of them before the deal was complete, hence, things will only get better from here.
“I strongly believe that we will sail through this difficult moment. And of course, for this year, we do not expect that people will make a lot of profit even by looking at the economic activities.
“But next year, it will pick up and in subsequent years it will pick up. And I think the reason is that most of the conditionalities were front-loaded so we are feeling the pinch now, ones we get used to it the good things will follow,” he said.
The Bank of Ghana received $604 million on Friday, May 19, which is the first tranche of the International Monetary Fund’s $3 billion bailout to Ghana.
Prior to the bailout, the Governor of the central bank, Dr. Ernest Addison noted that the money would boost the country’s reserves and the Cedi which is already doing very well in recent times.
The IMF deal expected to restore confidence in the economy however has far-reaching consequences for the ordinary Ghanaian and businesses.
Latest Stories
-
Video: Dr Gideon Boako explains why he thinks BoG’s 2025 losses is more than GH¢15.6bn
40 seconds -
The Bank of Ghana has not made any losses that should be a topic for discussion — Sammy Gyamfi
31 minutes -
AMA to reintroduce Town Councils to enhance sanitation enforcement
48 minutes -
Central bank’s inflation fight since 2022 came at a cost – Prof Turkson
50 minutes -
If BoG isn’t a profit-making institution, it also can’t be a loss-making one – Kofi Bentil
1 hour -
Rethinking intelligence in the age of Artificial Intelligence
2 hours -
‘Every day is about survival’ – Workers demand action beyond May Day celebrations
2 hours -
Clear leadership demonstrated in managing recent power crisis – Dr Theo Acheampong
2 hours -
Accountability is defective in the energy sector – Ben Boakye
2 hours -
From detection to creation: Why education must move beyond AI plagiarism
2 hours -
Ghanaians keep paying for inefficiencies in the power sector – Prof Bokpin
2 hours -
Ghana’s power system not robust, outages inevitable – Ben Boakye
2 hours -
Beyond insults: The I.D.E.M playbook for political parties in the age of the ‘social media minister’
2 hours -
Germany backs Moroccan sovereignty in Sahara dispute
3 hours -
Beyond Competence: How capacity shapes professional access and influence
3 hours