Renowned Economist, Rev. Dr Samuel Worlanyo Mensah has revealed that Ghana’s economy is on a positive trajectory of recovery with all the indicators showing positive outlook.
The Economist speaking in an exclusive interview with mx24online.com stated that, the Ghanaian economy is bouncing back due to the debt restructuring program coupled with stringent International Monetary Fund (IMF) conditionalities.
“I think gradually the economy of Ghana is bouncing back because if you look at the fundamental indicators you will realize that the economy is bouncing back due to two major factors, and these are debt restructuring and the IMF program.” he stated.
He noted that the debt restructuring has allowed Government to postpone its financial obligations to many lenders leading to positive policy and growth rates.
Rev. Dr Mensah further opined that, the strict IMF conditionalities have also contributed positively to the stability of the Ghanaian economy. He said government is diligent in fulfilling all the conditions of the IMF to guarantee the release of the other tranches of funds from the IMF.
Rev. Dr. Worlanyo Mensah, who doubles as the Executive Director of Centre for Greater Impact Africa (CGIA), also noted that, government should do more to reduce inflation to the barest minimum. He, however, asserted that Ghanaians can expect reduction in the inflation rate towards the end of the year.
He admonished government to consider investments into the production and industrialization sectors with a critical review of governments social intervention programs that put pressure on revenue generated.
“Gradually the economy is bouncing back and I believe by the end of this year or early next year, inflation should be around 20% thereby reducing cost of doing business and living thereby improving the standard of living” he noted.