An Economist, Professor Godfred Bopkin is raising objection to the Finance Minister’s assertion that the Ghanaian economy is on a path to recovery and has stabilised.

According to Prof. Bopkin, the economy is still struggling to achieve normal functioning.

He stated on the AM Show on Tuesday that, “with the approval of the IMF -supported programme, particularly with the inflow of the $600 million, and then also some of the fiscal consolidation measures that we are implementing, we've seen some relative stability, but it's too early to say that we are out of the woods.

“It's too early because the economy actually is not in full gear. You only say you have turned the corner when the economy is in full gear and all the variables are turning in the right direction. For now, the economy is not in full gear because we are not meeting all our commitments, to all our stakeholders optimally.”

Prof. Bokpin further alluded to the government owing arrears to its contractors such as the school feeding caterers and independent power producers, to emphasise that there were indications that the economy has not been stabilised.

“You cannot say the numbers are turning out good because the economy is responding fully. No, your economy is not in full gear. If you have suspended certain key things, for which reason you are seeing some stability, you could not conclude that you have turned the corner.

“Of course, we can see some relative stability and all of that, but the whole architect of the economy is not in operation. So, you want to be very careful how you interpret that signal,” he advised.

The professor further expressed his disapproval at the fact that the Finance Minister failed to paint a realistic picture to Ghanaians.

He described the Finance Minister’s budget review as "overly" and "aggressively confident," which failed to mirror reality.

Eventually, Prof. Bokpin forewarned that Ghana’s economic recovery would come at a great cost.

On Monday, July 31, the Finance Minister presented the Mid-year budget review to Parliament.

In his presentation, Ken Ofori-Atta said government is currently making modest progress in reviving the economy after experiencing severe economic hardship in 2022.