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Ghana’s economy is in a “bad” and “dire” shape, Chairman of consultancy firm Ishmael Yamson & Associates has said.

"I just want to be very honest, this economy is...in a bad shape. If anybody tells you that there is anything to write home about, I would say just be cautious," the former Unilever Board Chairman told Kojo Yankson on the Super Morning Show on Wednesday, 18 January.

He argued that if an economy that grew at 14.4% now grows at a 2016 estimate of 3.3%, then “let us not make any bones about it".

"I have learnt in my career that hope has never been a strategy and can never be a strategy," Mr Yamson said, adding the Akufo-Addo government has inherited “a hot potato” economy.

Mr Yamson’s assessment of the economy follows a recent comment by Vice President Dr Mahamudu Bawumia that the Akufo-Addo government has inherited a “very difficult” economy from the Mahama administration.

Speaking at a durbar of Zongo chiefs and Imams at Fadama in Accra organised by the Chief Imam on Sunday, 15 January to mark the birthday of Holy Prophet Mohammed, Dr Bawumia said despite the bad economy the New Patriotic Party has inherited, the Akufo-Addo-led government will deliver on all its promises.

“…We said that when by the grace of Allah we get into government, we will undertake a number of policies and by the grace of God we have gotten into government, we have looked at the economic situation, it is not an easy one, it is a very difficult one but by the grace of Allah we intend to keep all the promises that we made to the people of Ghana.

“You have already seen that we mean business; we are going to deal with the economic challenges, after all, that is what we were elected to do,” Dr Bawumia said.

As part of those promises, Dr Bawumia said the government will established the Zongo Development Fund in the first quarter of the year. “We will establish the Zongo Development Fund in our very first budget in March of this year. It is very important for people of the zongos and Muslims at large who live in the zongos. … We will establish it and work in consultation with our chiefs, our imams, our opinion leaders to make sure the fund is delivers on the needs of the people of the zongos.”