The Finance Minister’s claim that Ghana’s economy is now set on the path of recovery is not factual, Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has indicated.
He says the Minister is only comparing mid-year figures with end of year’s figures, an act which is not prudent in accessing the performance of an economy.
According to the Bolgatanga Central Member of Parliament, although the Minister claims things have become better, it has not reflected in the lives of the people, making the assertion erroneous.
“Was the price that you were paying for your breakfast, has it changed? If you understand the dynamics of an economy, you’ll understand that the economy heats up towards December so you haven’t even financed another six months of your forex-related expectations,” adding that the pressure that mounts on the economy in December due to the Christmas, gives a whole variant indices from the other months, making a comparison of such periods a nonstarter.
“He should be comparing June this year to June last year. That is what you’ll be making proper comparison. So for me, what is he comparing? What is he celebrating? He just pics a figure that are not just related you are comparing apples with mangoes and after that you clap for yourself?” he asked whilst speaking on Accra-based JoyNews Wednesday, July 03, 2024.
Mr. Adongo’s comments follow the Finance Minister’s comments that the government, through robust policies, has set the economy on the path of recovery, indicating the opposition cannot campaign with it going into the 2024 elections.
Speaking at a joint press briefing with the IMF Monday, July 01, 2024, on the economy and the second review of the IMF-supported programme, Dr. Adam expressed confidence in the country’s economic trajectory.
“I am confident that our economy is certainly on the path of sustained recovery, and we will continue to work tirelessly to ensure sustainable growth and prosperity for all Ghanaians,” Dr. Adam stated.
The Minister highlighted several key developments in June 2024 that underscore this progress. These include reaching agreements on debt restructuring with both the Official Creditor Committee (OCC) and Eurobond holders, as well as the IMF Executive Board’s approval of the second review of Ghana’s programme implementation.
‘Be careful, they’ve dug holes at the Finance ministry’ – Murtala Muhammed advises Amin Adam
