Ghana’s economic difficulties are a result of a major international crisis – Nana Akomea

Ghana’s economic difficulties are a result of a major international crisis says the Chief Executive Officer of the State Transport Corporation (STC), Mr Nana Akomea.

According to him, in the three years from 2017 to 2019, Ghana’s economy experienced some decent stability as it was the highest for an African country in the world.

The former Member of Parliament for the Okaikwei South disclosed this during the Morning show of TV3, an Accra-based television station today.

He explained that although the shocks of the international crisis have affected every country in the world, a country's preparedness determines how it can manage the shocks of the crisis.

“The difficulties that we are in today, largely come out of this crisis. Overborrowing is also an issue but if hadn’t had a crisis [we wouldn’t be forced to borrow]. Borrowing is a ratio of your GDP and if we are growing at 7% and you are borrowing and your growth rate falls to 0.5%, immediately in terms of the ratios, your growth to debt ratio will shoot up,” he said.

However, the Ministry of Finance in a press statement today announced that the 2024 annual budget statement and economic policy will be presented by Ken Ofori Atta on the floor of parliament tomorrow.

It noted that the budget will support the implementation of the International Monetary Fund (IMF) backed post-COVID-19 Programme of Economic Growth (PC-PEG).

It will also highlight the performance of the economy, and efforts to boost the productive capacity of the economy through the new Growth Strategy, fiscal measures, and debt management strategies to deepen stability and promote growth.