Associate Professor of Finance at Andrews University, Williams Kwasi Peprah, says Ghana is not out of the woods and advises Ghanaians to take the Finance Minister, Dr Mohammed Amin Adam's comments on the economy with a pinch of salt.

During a press briefing on Monday, July 1, Dr Amin Adam said Ghana’s economy is demonstrating formidable signs of a comeback.

 Dr Adam highlighted the positive economic indicators for the first quarter of 2024, suggesting a favourable outlook for the rest of the year.

"Growth, as we've heard from the previous two distinguished speakers, is proving to be more resilient and robust than initially programmed, and the economy continues to show strong signs of recovery, particularly in the first quarter of 2024," he said.

Dr Adam emphasised that the overall macroeconomic environment remains stable as the government continues to implement the International Monetary Fund-supported programme.

• Read also: Economy showing signs of strong recovery – Finance Minister

But speaking on JoyFM’s Newsnight on July 1, Professor Peprah said there is still much to be done in the economic recovery process.

Therefore, until that is achieved, it is too early to make such comments.

“If you ask me, I will be very cautious with this kind of confidence being stressed by the Finance Minister. We are not yet out of the woods. We have to see the impact of repayment of interest on our loans and principals when they become due.

“This is very important and we know that there is economic activity and demand for foreign currencies. They also have to look at how those will turn around and also we are in an election year.

"This is also going to be a major challenge because we notice that there is going to be a lot of spending,” he said.