Audio By Carbonatix
Former Finance Minister, Professor Kwesi Botchway, says Ghana will not be able to improve the economic situation of its poor citizens in the next 20 or 25 years.
According to him, the projection is due to the average rate at which the country’s economy is growing.
Speaking at a public lecture organised by the One Ghana Movement at the University of Ghana on Monday, Prof. Botchway said, “At the average rate at which we have been growing, it is well-nigh said that we would not have moved the bulk of our poor out of poverty in another generation”.
Reflecting on the country’s economic growth trajectory, Prof. Botchway believes Ghana's economy is in distress, with its policies no longer seen as credible.
“We are no longer seen as creditworthy. Our policies are no longer seen as credible in the face of the investor community,” he said on Monday.
Meanwhile, the World Bank has projected harsher times ahead for Ghana’s economy.
Government is already having a tough time rallying support for the controversial E-Levy, insisting it may not be able to settle some statutory obligations without the tax.
The World Bank Country Director, Pierre Laporte, does not see any end in sight just yet.
“The situation is very difficult right now. Ghana faces a very tough road ahead to restore macro-sustainability,” he said.
According to him, the source of the country’s woes may be more than just stifled revenue generation.
Government has blamed the Covid-19 as a major contributor to the exacerbating economy.
But the World Bank boss insists that the signs were clear even before the global pandemic hit.
He, therefore, called on government to be more open about the dealings regarding the country’s fiscal state.
This, Mr Laporte believes, will help restore stability in the economy.
“He [Finance Minister] acknowledges the severity of the situation. Yes, Covid has not helped, but even before Covid, there were signs that the situation was getting a little more challenging,” he added.
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