Economy is truly bouncing back; Finance Minister is right – UPSA Professor Asserts

Economy is truly bouncing back; Finance Minister is right – UPSA Professor Asserts

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Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University for Professional Studies, UPSA, appearing on Atinka TV’s Agenda Show on Thursday, 27th June 2024, hosted by Nana Yaw Fianko, has said that indeed the Ghanaian economy is rebounding despite the challenges it is still facing.

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 truly improving. He made this remark on the back of what the Finance Minister, Dr. Mohammed Amin Adam said in the United Kingdom at an NPP-organized event.

“The Finance Minister was right when he said the economy is bouncing back. 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’’ he said.

Even though the Finance Minister has incurred the wrath of a section of the Ghanaian populace, Professor Boadi indicated that what he said is factually accurate.

He also stated that though things are still tough for households, a decision like releasing a whopping sum of GHC1.5 billion to depositors whose funds were locked up in some of the financial institutions that collapsed or consolidated would go a long way in alleviating the sufferings of the affected people.

He further noted that though not every Ghanaian may have monies in their pockets, they do not spend on certain things either due to some programs introduced by the government. Such people invariably save monies as a result of this.

“Indeed, not everyone may have cash in their pockets but there are things they don’t spend on. Take for instance the Free SHS policy, people are not paying any fees to enroll 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” Prof. Boadi stated on Atinka TV.

“The National Health Insurance has issues, we cannot run away from that, it can be better, but still people save monies from accessing healthcare 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 traveling, it involves money” he further explained.

Ghana has reached an agreement on an MOU with bilateral creditors. The Finance Minister had this to say about the agreement with bilateral creditors:

“On 12th 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, additional to delayed interest payments and maturity extensions. This deal will bring significant relief to help establish Ghana firmly on the path towards debt sustainability”

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