A Development Economist and Senior Lecturer at the University of Development Studies (UDS), Dr. Michael Ayamga, says the Finance Minister’s promises to support local industries have not been fulfilled.

According to him, Ken Ofori-Atta has instead overseen excessive borrowing, creating a challenging environment for Ghanaian investors due to high taxes.

He further claimed that this situation has forced many companies to fold up.

“Companies are folding up, whining up, and relocating and so everything that is to be going right for us to say we are back on the part of growth is not,” he said.

Speaking on JoyNews' AM Show, Mr Ayamga blamed the government for destroying the private sector, causing unemployment while the revenue mobilization drive remains low.

This, he said, is despite the assurance that the current NPP government would do a better job than the erstwhile Mahama administration.

"Ghanaians voted the President, John Mahama, out in 2016 because they thought those numbers were underwhelming and uninspiring... as we speak we are dealing between 11 and 13 percent depending on whom you are asking in terms of the cedi to the dollar. That is way above what we inherited in 2016,” he explained.

Meanwhile, commenting on what to expect from the budget reading, MP for Tamale South, Haruna Iddrisu, who was in the Joy FM studio said it is too late for President Akufo-Addo to salvage the economy.

The NDC MP insisted that the ruling party had spent the past seven years wrecking the nation’s economy, and it is practically impossible for them to correct their mistakes in just one fiscal year.