Former Finance Minister Prof. Kwasi Botchway has painted a bleak picture of Ghana’s economy, describing it as in grave distress.
Prof Botchway wants the government to thoroughly review the economy in order to reduce spending and avoid measures that will jeopardize Ghana’s future.
On Monday, he made these remarks at a public lecture hosted by the One Ghana Movement at the University of Ghana.
“We are no longer thought to be creditworthy.” “In the eyes of the investor community, our policies are no longer credible,” he said on Monday.
“The exchange rate at the forex bureaus is approaching 8 cedis to the dollar,” he says. Fuel prices at gas stations have surpassed the $8 per litre mark. Inflation has returned nearing about 15%.
The NDC stalwart enumerated some of the challenges that he believes demonstrate the government’s current failures.
“The government is struggling to raise funds locally and has arrears on several programs, including roads, school feeding, LEAP, and even salaries,” he added.
The theme of the Independence Day event, held at the Cedi House of the University of Ghana’s Department of Economics, was “On the State of the Nation’s Economy and Politics: 65 Years After Independence – The Path to Sustainable Development and Democratic Consolidation.”
