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Yes, 2023 will be tough but we need not panic – Prof Ackah

Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Charles Ackah has advised Ghanaians not to be “unnecessarily alarmed” over predicted economic hardship in 2023.

According to him, the country has dealt with economic difficulties before, therefore, measures that will be implemented will determine whether the difficulties are resolved or exacerbated.

“When we have crisis like that, it gives us the opportunity to rethink and to do things differently. So, I don’t want us to be unnecessarily alarmed, because we have come this way before,” he said on JoyNews’ AM Show on Thursday.

Prof. Ackah added that the right thing for the government to do is to identify the cause of the crisis and proffer solutions, which in his opinion is “how to fix the economic dynamics to pay the debt” accumulated by the government.

He expressed his disapproval of government’s tendency to turn to the IMF when the country is in a state of economic crisis.

Prof. Ackah said the aim of the IMF is to generate “higher returns in the shortest possible time,” but not to help develop the country, therefore, it is not the best course of action, that the government has turned to the IMF amidst the country’s current situation.

He called for policies to limit the Ministry of Finance from borrowing from the IMF, unless it is critical.

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Abdullah Anaman
Abdullah Anaman
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