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Ghana’s economy is taking off, enough of the negativity, say experts

The experts believe Ghana's economy has shown signs of recovery and is on the verge of a take off following recent macroeconomic indicators

Some experts say Ghana’s economy has demonstrated signs of recovery over the past few months setting the stage for the economy to take off.

Speaking on the Asaase Breakfast Show ahead of the State of Nation Address on Tuesday (27 February), political analyst Dr Joshua Jebuntie Zaato said Ghanaians must not continue to paint a gloomy picture of the economy.

“I think we are on the cap of a major explosion where we need to be able to say that, this is how far we have come. You must understand the challenges we went through during COVID-19, if the foundations of the economy were not strong, we wouldn’t be talking about the economy now.”

“If you also look at some of the growth indicators, we have grown more than what even the IMF projected. It means that we have been able to lay a very solid and good foundation. So the house shook but it is still standing, we are at a take-off stage … I think we cannot go ahead with gloomy pictures,” Zaato said.

Listen to Dr Joshua Jebuntie Zaato in the attached audio. 

Optimism

On his part, Professor Laud Mensah, an associate professor at the University of Ghana Business School said the economic indicators are pointing in the right direction hence the need to be optimistic.

“There is always the need to be optimistic about the future, I have been an optimist of the Ghanaian economy for a long time and certainly this time it looks like the Ghanaian economy is recovering from the crisis that we went through.

“Inflation has been brought down relatively low compared to where it was a year and a half ago, interest rate, treasury rate are declining. Ghana’s economy has grown even beyond the expectation of IMF at the end of last year.”

“We have seen suddenly an increase in infrastructure that is going on all over the economy, so there is some sense of optimism that we should all have about the economy for the rest of the year,…certainly things look much better now,’ Mensah said.

Listen to Prof Laud Mensah in the attached audio clip below: 

 

Reporting by Fred Dzakpata in Accra

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