Professor at the University of Ghana Business School (UGBS) Godfred Bokpin has warned the Minister of Finance and, indeed, the government not to jump to celebrate over the positive signs shown by the economy.
“We have seen some signs, seen some relative stability but I think it is premature to claim victory,” he cautioned.
“It is only just half-time, so the second half is also very important.”
It comes a couple of days after Finance Minister Ken Ofori-Atta delivered the 2023 mid-year budget review in which he indicated that the Akufo-Addo-led government has turned the corner.
“Mr Speaker, we have turned the corner and, more importantly, we are determined to continue down that path,” he stated on Monday, July 31.
“Soon, we expect the measures taken resulting in economic activity greater than anything experienced in the history of the Fourth Republic.
“Our plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing.”
This is where Prof Bokpin said the government must tread cautiously.
“We are looking at it over 12 months, so you cannot say that I have won the match because the first half looks this way and the good way to judge the posture of government is to look at now their perspective for the next six months.”
To him, even government is not as optimistic about the performance of the economy as some eight months ago due to the revisions made to the macroeconomic targets.
“You could not say you have turned the corner when your economy technically is in recession.”
Professor Bokpin advised that the current situation should not be politicised because “what impacts the ordinary Ghanaian fundamentally hasn’t changed. So, we could turn the corner depending on whose corner we are talking about”.
