Development Economist Dr. George Domfeh has expressed deep concern over Ghana’s economic situation, describing it as increasingly depressing.
Explaining this, Dr. Domfeh stated that the country’s “hope and future is in the hands of well to do and economic stable countries” that leverage on this weakness to “dictate to the country what it should do, how it should do it, and when we should do it.”
He tells Nana Yaa Brefo and JB on Yen Nsempa on Onua FM Tuesday, March 05, 2024, that he found it mind boggling that with this revelation, the Country celebrates Independence day as the heavy economic reliance situation renders Ghana’s Independence questionable.
“We claim we as a country is 67 years but at 67 still we beg and seek heavy aid, there are a lot of things we haven’t accomplished as a country. They’ll always dictate for us, telling us what to do, when to do it and how to do it,” he said, adding that “speaking about Ghana is becoming depressing.”
“I do not engage in activities related to 6th March, I do not see the independence of which we celebrate, I don’t think we’ve gotten there yet,” he said in addition.
The Economist stated that it is due to this over dependence on other countries that the Finance Ministry is advising President Addo Dankwa Akufo-Addo against signing the anti-LGBTQ+ bill.
This comes after the Ministry of Finance in a press release on Monday, March 04, 2024, pleaded with President Akufo-Addo not to assent to the recently passed anti-LGBTQ bill by Parliament.
The Finance Ministry cautioned that approving the bill could result in significant financial consequences for Ghana.
According to the Finance Ministry’s statement, Ghana stands to lose a substantial amount of World Bank financing, estimating a potential loss of USD$3.8 billion over the next five to six years.
Specifically, the impact for 2024 includes a loss of USD$600 million in budget support and USD$250 million for the Financial Stability Fund, adversely affecting Ghana’s foreign exchange reserves and exchange rate stability.
As Ghana grapples with these challenges, Dr. Domfeh’s remarks serve as a poignant reminder of the urgent need for the country to chart a path towards economic self-sufficiency and assert its sovereignty in global affairs.
By Lois Dogbe|Onua FM
