Ghana in grave distress; policies no longer credible – Kwesi Botchway paints gloomy image of economy

A former Finance Minister, Prof. Kwesi Botchway, has described Ghana’s economy as being in grave distress.

According to him, the country’s policies are no longer seen as credible by investors.

Speaking at a public lecture organised by the One Ghana Movement at the University of Ghana on Monday, March 7, 2022, Prof Botchway painted a gloomy image of the economy and called on the Akufo-Addo led government to cut down expenditure and avoid measures that will mortgage Ghana’s future.

“We are no longer seen as creditworthy. Our policies are no longer seen as credible in the face of the investor community.”

He also added that “the exchange rate at the forex bureaus is nearing 8 cedis to the dollar. Fuel prices at the filling stations have crossed the ¢8 per litre bar. Inflation is back in double-digits nearing about 15 per cent.”

“The government is struggling to raise money locally and is accumulating arrears to several programmes; roads, school feeding, LEAP, even salaries.”