Mr. David Ofosu-Dorte, Chairman of AB & David Africa, a law firm in Accra, has said that Ghana’s economy will pick up in years to come, but will worsen if the government does not do better.
In a lecture made on “The 1992 constitution – A fundamental Law for our Prosperity or a well-crafted guide for our economic doom, Mr. David Ofosu-Dorte said for Ghana to have a stable economy, it will have to be focused and disciplined.
“Let’s remember that NDC had a haircut years ago for the banking sector only. This time round, there is haircut 2 which has affected other entities. We are likely to have a “head cut” the next time. Watch 2027 to 2029, if we continue what we are doing, we will be more broke than we are now,” he said.
He also added that, “The history is very clear, anytime you are declared the fastest-growing economy, five to seven years later, you will be back to the IMF. I do not blame the IMF for it. You will notice that it encourages borrowing, and it forces us to walk to the IMF for some discipline. The economy will stabilise by 2024, but if we keep doing what we are doing now, we will find ourselves in a situation where we are forced to borrow more.”
The Government plans on getting help from the International Monetary Fund(IMF) to help restore the economy.
On December 5, 2022, a programme was introduced by the government which was a domestic debt exchange programme that was going to be a key requirement in Making the IMF help the falling economy.
The Government invited Holders of approximately GH¢137.3 billion bonds and domestic notes to exchange their Eligible Bonds for new bonds given by the government itself.
Source : Citi news