Dr Theo Acheampong, a UK-based international petroleum economist has said Ghana’s economy is gradually bouncing back despite the recent challenges.
Acheampong’s comment comes after inflation rate for March 2023 declined to 45.0%, coupled with the relative stability of the cedi in the past few months.
The International Monetary Fund (IMF) on Wednesday projected in its Fiscal Monitor report that Ghana’s inflation will decline to 8.8% by 2028.
The Fund is projecting that inflation will end the year 2023 at 45.4% which is expected to dip further in 2024 to 22.2%.
Reacting to the development on the Asaase Breakfast Show on Thursday (13 April), Acheampong said the recent development in the economy is re-assuring.
“I think we have seen the worst of the economic crisis. So certainly we are not in the difficult position we found ourselves in the latter part of 2022.
“If you look at the core set of economic indicators, you begin to see that things have peaked, an example is recent drop in inflation.”
“The storm is not as big as where we find ourselves in last year and you could argue recently, that is the positive but the issues are still lingering….but of course we are in a far better position that e were a few months ago,” Acheampong said.
Speaking on the same programme, Prof Williams Kwasi Peprah, a finance expert and associate professor with Andrews University in Michigan disagrees.
Prof Peprah said the recent stability is not as a result of among others a drop-in inflation but suspension of payment to creditors and payment of dividend by foreign banks to parent companies.
Listen to Prof Williams Kwasi Peprah in the attached audio clip below:
On his part Dr Benjamin Amoah, a senior lecturer at the department of finance at the University of Ghana Business School (UGBS) believes the IMF will soon approve a programme for Ghana to help the economy to bounce back.
Listen to Dr Benjamin Amoah in the attached audio clip below:
Reporting by Fred Dzakpata in Accra
Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in or log on to broadcasts online: asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming: facebook.com/asaaseradio99.5. Also on YouTube: Asaase Radio Official.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand
