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.”
Source: classfmonline.com
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The Zongo Development Fund is an extremely important demand that should immediately look at and question the contents of EDUCATION the residents of the Zongo communities in Ghana avail themselves of. Proper worthy education transforms lives instructing doing to have. We need to eliminate the filth we create and choose to live with. We need eliminate eliminate the concept of dependency for a livelihood and plunge ourselves into active engagement to producing good products our bodies demand for survival. Remove poverty eliminating begging from the Ghana Community. Work purposefully to produce to serve human needs; and quit lazing about with cups in hand bagging.
Rubbish. Why now? He is looking for a position so he is singing their song. This man is greedy and upon all the money he has made he is still craving for more. You are talking about GDP, have you talked about the deficit reduction? Economics is not a one way high street, you have to look at things in a holistic manner before you pass judgement.
so what are you sitting down there doing,you take huge moneys yet you guys cannot solve the problems.all you know is is to complain get your dirty ***barred word*** to work and be come a hero to the nation.***barred word***..................
Mill inherited a stable and solid economy and was gifted with huge oil reserves as well. And thus the create loot and share began. No further comment!
Which government has inherited good economy in this 4th Republic?. Rawlings inherited bad economy and was the reason for the military take over in 1981, Kufour inherited bad economy in 2000 and sent us to HIPC and in 2009 Mills too inherited broken economy and infact in 2008 Kwame Pianim said "unless Ghana Telecom is sold the economy will not survive" So no government has inherited good economy so what are they saying?. I pity Ishmeal Yamson for what he is saying because Bawumia has said it and on numerous campaign platforms and he even had the gust to do his own state of the nations address on so many occasions with applause of NPP supporters all in the name of winning power at all cost Note that fundamentals were different from 2000 where the then government enjoyed debt forgiveness and access to interests to build the economy. We are in middle income brackets and as such such is not available. It was also at the time we saw influx of banks but these were not so in 2009 with huge wage bills that has necessitated increased imports with mushroom universities issuing certificates to create unemployment. JM has done his part and let Bawumia and Nana too do their parts. There are no excuse for failures because they are aware. They should have appreciated what JM and team did but made thing uncomfortable for them. Now fix it and next time!!!
Kyei Look at the issue factual issues the man has put forward and deal with it rather than attacking his personality please. We are talking about the Economy of Ghana now is he making sense?me think yes he is and is there a way forward?yes there is though as he surmised"i havent learnt in my career that hope has never been a strategy..." My simple understanding is without oil it would have been hellish with oil and we cant manage? I told a colleague in a simple analysis that if you take he Governments financial statement now 1. Salaries and emoluments 2.interest payment and then whim nothing is left?? are we not living from hand to mouth And if you are a parent and your household faces such a stiff challenging situation can you by any stretch of imagination tell your children that the economy of the house is robust? There must be a radical rethinking
See this man. You accepted 20,000 cedis as your birthday present under NDC as Board Chairman for GIPC and now you turn around to say what. Ghana sweet oo