{"id":23408,"date":"2024-07-27T17:28:32","date_gmt":"2024-07-27T17:28:32","guid":{"rendered":"https:\/\/sotnews.agency\/?p=23408"},"modified":"2024-07-27T19:06:40","modified_gmt":"2024-07-27T19:06:40","slug":"mid-year-budget-ghanas-economy-stalling-not-recovering-economist","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=23408","title":{"rendered":"Mid-Year Budget: Ghana\u2019s economy stalling not recovering \u2013 Economist"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 6 Second <\/div>\n\n <\/div>

Economist, and a lecturer at the University of Ghana, Prof. Patrick Asuming, has disputed the government\u2019s claims of a strong economic recovery, stating that the reality on the ground contradicts this assertion.<\/p>\n

He argued that the economy is stalling, rather than recovering, as claimed by the government.<\/p>\n

This comes after Finance Minister, Dr. Mohammed Amin Adam, declared during the 2024 Mid-Year Budget Review on July 23 that the economy is rebounding stronger than anticipated.<\/p>\n

In an interview with Selorm Adonoo on The Big Issue<\/strong> <\/em>on Channel One TV<\/em><\/strong>, Prof. Assuming pointed out that the Minister\u2019s comments are at odds with the hardships faced by Ghanaians.<\/p>\n

He cited the exchange rate, power outages commonly known as \u2018Dumsor\u2019 and unemployment issues which he believes do not accurately reflect the true state of the economy, as evidence of this disparity.<\/p>\n

\u201cFrom my point of view, recovering and strongly are not descriptions I will give to the economy as you know today. I think the Finance Minister is right to say the growth rate of last year [2023], is higher than the revised targets from the Mid-Year Budget. But we have to understand that even the higher-than-expected growth rate was still lower than the 2022 growth rate.<\/p>\n

He emphasised, \u201cAnd we all see 2022 as a really bad year for the Ghanaian economy and yet, the growth rate of last year [2023] that we say is higher than expected is still lower. Yes, of course, we set a lower target and we beat it, it doesn\u2019t in any way tell us that the economy is on a strong footing.<\/p>\n

\u201cWe don\u2019t measure the progress of the economy by the GDP growth without paying attention to where the growth rate is coming from. And the extent to which Ghanaians are benefitting. I think if you go on the streets and ask many Ghanaians, what they will tell you is completely at variance with what the finance minister said that the economy is recovering strongly\u2026 The statement that the economy is recovering strongly is a lot of overstatement.<\/p>\n

\u201cSimply quoting that the exchange rate is lower than it used to be doesn\u2019t really tell the full picture. The stabilisation we saw is kind of stalling.\u201d<\/p>\n

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Economist, and a lecturer at the University of Ghana, Prof. Patrick Asuming, has disputed the government\u2019s claims of a strong economic recovery, stating that the reality on the ground contradicts… <\/p>\n","protected":false},"author":1,"featured_media":23485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-23408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23408"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23408\/revisions"}],"predecessor-version":[{"id":23486,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/23408\/revisions\/23486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/23485"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}