Some Experts and industry persons have been reacting to the October 30th 2022 televised broadcast to the nation on efforts to salvage Ghana’s ailing economy.
An Associate Professor of Finance, Andrews University, US and a Chartered Economist, Rev. Dr. Samuel Mensah for his part said he expected more specifics from President Akufo-Addo when asked how feasible are the steps outlined by the President to restore the economy?
”The nation needs complete overhauling” he stated.
”I think the government should focus on reducing expenditure…cut Executive expenditure to up to 50 percent”, the Chartered Accountant suggested.
He proffered a reduction in the size of government and a reshuffle of Ministerial Appointees.
In his broadcast, President Akufo-Addo appealed to traders to be measured in the margins they seek on goods, adding that increasing cost of living is the number one concern for all.
He attributed the economic challenges to the fast-escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and the depreciation of the Cedi.
The Ghana Union of Traders Association’s Vice President, Clement Boateng, for his part welcomed the measures outlined by the President to restore confidence to Ghana’s economy.
Among the specifics, Mr. Boateng said, the President mentioned the need to focus on ”exports as opposed to imports”, and the measure to clamp down on illegal Forex activities to protect the integrity of the Cedi.
He said he was however disappointed that the issue of interest and Policy rate by the Bank of Ghana was not tackled, but commended the government for seeking an all hands on deck approach to resolving the financial difficulties.
”I was expecting the President to talk about the high interest rate…the Policy rate that affects all businesses”, he noted.