UPSA don: The economy is truly bouncing back, Finance Minister is right
The comments by Professor Isaac Boadi of UPSA on Ghana’s economic performance chimed with analysis by Finance Minister Amin Adam at an NPP-organised event in the UK
Professor Isaac Boadi, the dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), has said that the Ghanaian economy is rebounding despite the challenges it is still facing. He was speaking on Atinka TV’s Agenda Show on Thursday (27 June 2024).
Speaking on the topic, “The Current State of Ghana’s Economy: Conflicting Signs of Progress or Persistent Challenges?”, the UPSA doyen said the economy is clearly improving.
He made the remarks following similar comments by the Minister for Finance, Mohammed Amin Adam, made in a speech at an NPP-organised event this week in the UK.
“The Finance Minister was right when he said the economy is bouncing back,” the UPSA don said. “The numbers suggest so.
“The successful negotiations with our bilateral creditors outside the country and the quantum of funds to be made available to the nation will go a long way to enhance economic growth and prosperity,” Professor Boadi added.
Small savings
Even though the Finance Minister’s comments provoked an angry response from some Ghanaians, Professor Boadi argued that what Dr Amin Adam said is factually accurate.
Although finances are still tough for households, the UPSA don said, moves such as the decision to release GHC1.5 billion to depositors whose funds were locked up in some of the financial institutions which collapsed or were consolidated in the banking sector reform of 2018 will go a long way to alleviate the suffering experienced by individuals.
He added that not every Ghanaian may have money in his or her pocket, but many people are not spending on certain things because of programmes introduced by the government. Such people are managing to make savings.
“Indeed, not everyone may have cash in their pockets but there are things they don’t spend on,” Professor Boadi told Atinka TV. “Take, for instance, the Free SHS policy. People are not paying any fees to enrol their children in secondary schools, so the monies they do not spend remain in their pockets.
“Indirectly, monies are being put into people’s pockets,” Boadi said.
“The National Health Insurance has issues, we cannot run away from that – it can be better – but still people save money by accessing health care without paying monies.
“The peace or political stability we enjoy can also be said to be one thing that saves us money, because if there’s war and one is travelling, it involves money,” the UPSA don explained further.
Ghana announced this week that it has reached an agreement in principle with its bilateral creditors.
The Finance Minister had this to say about the agreement: “On 12 June 2024, we also concluded negotiations on a memorandum of understanding with the Official Creditor Committee, agreeing to restructure $5.1 billion of debt owed to our bilateral partners.
“Of this amount, we are going to make savings of $2 billion, in addition to delayed interest payments and maturity extensions. This deal will bring significant relief to help establish Ghana on the path towards debt sustainability,” Dr Amin Adam said.
Reporting by Wilberforce Asare in Accra
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