Ghana’s economy is in crisis – Deputy finance minister

Deputy Finance Minister, John Kumah, has affirmed Prof Kwesi Botchwey’s assessment that Ghana is in an economic crisis.

In an interview on Neat FM, monitored by GhanaWeb, John Kumah said that the government acknowledges there are difficulties, but these difficulties are not beyond the strength of the country.

The deputy minister also noted that the economic hardship is not only in Ghana but it is worldwide and it is mostly due to the COVID-19 pandemic.

“The World Bank country director who was with Prof Botchwey at the programme affirmed that government has acknowledged the difficulties the country is facing, especially with the country’s revenue measures not being passed by parliament.

“So, if someone tells you that we are not facing hardships, that person is not being truthful. But what we are saying is that government has a solution to the economic hardship the country is facing,’ he said in Twi.

“… one key point Prof Botchwey made that I was so happy about was that as a country we cannot come out of these difficulties without short-term difficulties and pains,” he added.

The deputy finance minister, who is also the Member of Parliament for Ejisu, further stated that the government is ready to make bad decisions that will help the country get out of this current crisis.

Speaking at the Independence Day lecture in Accra, former Finance Minister, Professor Kwesi Botchwey, said that Ghana currently is in crisis and it is about time government realizes the problem and faces it squarely.

“We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations.

“In any case, you have borrowed so much that we can’t go to that market anymore and even raising the revenue domestically is going to be a problem,” Kwesi Botchwey stated.