An Economics Lecturer at the Kumasi Technical University, Mr. Kusi Boafo has predicted that the current economic situation in the country will be stabilized in three (3) years due to better economic measures being put in place by the economic team of President Akufo-Addo.
According to him, it will take proper planning and calculated steps by the new government to bring back the economy unto the right track as huge debts have preceded the country by the previous government before Nana Addo took over power.
Speaking on Okay FM’s 'Ade Akye Abia' Morning Show, Mr. Kusi Boafo averred that if NDC had won the 2016 elections, they would have inherited a difficult economy due to the economic malfeasance which transpired over the years.
He added that hardships and difficulties are inevitable looking at the economy unless proper measures are put in place; thus it will be wrong on his part to say that Akufo-Addo’s government has done nothing to curtail the economic challenge, though it is not enough.
“I can say that this government has demonstrated the attempt that it has the ideas, but the problem is still unsolved. The government is making an effort but the problem is still there. If huge debts precede a country, it will be naturally difficult for any government to govern. You have to work harder before you can gain feet to stabilize the economic situation,” he asserted.
Highlighting the economic challenges Akufo-Addo’s government inherited, the Economic lecturer mentioned that the total debt the new government inherited was 72.9 percent GDP, and again 33 percent of the loans the previous government took were used to settle interest on loans the government had borrowed.
“Our loan interest has reached Ghc10 billion Cedis and our currency was low. Inflation was very high when compared to neighbouring countries. Irregular power supply also contributed to the economic difficulties as businesses incur additional avoidable costs as they took loans to buy generators,” he highlighted.
He stressed that “it was an economy which was under serious threat and so most of the social intervention programs like the NHIS owed a lot and Nursing and Teacher Trainee allowances were withdrawn.”
He reiterated that the economic situation was so bad that workers Second Tier Pension was pending as close to 71 months.
“Contractors have not been paid for their work and all these have been piled up waiting for the next government. This government cannot use magic means to solve our economic challenges overnight; it will take a process and proper planning,” he averred.
He therefore cautioned the new government to ‘dismantle’ all the institutions and restructure by introducing a system which will eliminate corruption in the state institutions; adding that it will take more than one year to purge the institutions.
He indicated that even though the economic wounds of the country is still fresh, he has seen Ghanaians giving the new government ‘honeymoon’ with the anticipation that the government’s programs will meet their expectations.
“Ghanaians are working hard with the hope of receiving help from the government. For the first time in 5 months, the profits repatriated through our exports have beaten those which are imported into the country. It will help stabilize the currency,” he revealed.
“Our exchange rate is getting better. Our debt to GDP which was 72.9 percent has dropped to 63 percent; this is not a small achievement, but with general turn around for the country, it will take 2 to 3 years before we can see it completely,” he predicted.
Source: Daniel Adu Darko/Peacefmonline.com
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MASTER TELL THE PRESIDENT NANA ADDO WE VOTED FOR NPP AND HIM TO RETRIEVE THE ALFRED AGBESI WOYOME CASH FOR US AND GHANAIANS BUT NOTHING ELSE OR FOR SHORTTTTTTTTTTTTT ORDER WISE WE SHALL SEEE..............OKAY
For those idiotic donkeys and NDC kriminal minded twisters on the forum attempting to castigate this guy Kusi Boafo ; they should be mindful and understand that this lecturer is one of the best economist commentator on the economic history and current economic trends in Ghana today ; his economic analysis is not based on 'book long ' chew pour ; pass and not on subjective economic taught ; his comments are based on emphirical economic facts of Ghana ; these facts gives him the opportunity to predict the future performance of the economy ; these are people we need in Ghana unlike the NDC who tend to rely on economic propaganda to predict the economy ; the problem in Ghana is that we have these NDC 'riffs-raffs' educated illiterates ; aimless fulls and incompetent politicians with improper planning skills with their objective to still from Ghanaians but are not creative and unable to create anything but still our resources ; today we have their founder telling NDC members to make 'clean money'; what does this ewe full think clean money because there is no such thing as clean money ; every business man finds ways ameans to cheat and make profit ; how can a so called socialist party called NDC which claims to a party for the people fail to provide basic social needs of the people but suddenly turn round to embrace capitalist ideals ;in 1979 JJ Rawlings fulled the people that Ghanaians have been cheated by the business men and politicians in society ; he therefore seized and gave these businesses to the ediotic cadres who were thiffs and rogues who eventually destroyed everything ; JJ Rawlings hated progressive business men today he wants his party people to make money but clean ; WHAT KIND OF LOGIC DOES THAT MAKE !!!!; IF JJ RAWLINGS had wasted the 19 years in power to develop the economy ; introduced the planning strategies by Kusi Boafo Ghana will be far ahead of Malasia or even China today .
ARE you people trying to tell me that the NPP did not know this? Wasn't the vice president who did public lectures to tell Ghanaians the status of our economy? What about the true state nation address the NPP did?
Are you reading what the man said? Tell me, what is rotten propaganda here? When are you ndc folks going to use your brains instead of the ndc Mindset? Please, take time to read if you are one of the few ndc folks who can read and understand. The insults and insinuations will not help you and your ndc.
GOD BLESS YOU MR BOAFO.WHAT AN EXCELLENT ANALYSIS.
Stomach Lecturers of political colours. Instead of telling the Gov't to perform, listen to the rotten propaganda he is made. I am sorry for this country for having this myopic people as lecturers of our universities. God save GHANA.
Okay FM Entertainment Showbiz Okay FM needs to groom those guys they bring in for that Entertainment Showbiz. Sometimes they behave and ask questions like lunatics. How does Abeiku feel when these guys come after all his hard work only to make his show sounds like one of them Mushroom Drive Times out there? Please give those guys some education to behave a bit civil. You can make people laugh and create fun without FO0OLISHNESS.
MR.KUSI BOAFO WAS MY LECTURER AND KNOWN NPP COMMUNICATOR IN KUMASI. WHY SAY AN ECONOMIST TO DISGUISE HIM AS IF HE WAS MAKING A REAL AND OBJECTIVE ANALYSIS OF ECONOMIC ISSUES. BESIDES, WHAT ECONOMICS DOES MR.BOAFO KNOWS? WHAT ECONOMICS QUALIFICATION DOES HE HAVE?. HYPOCRISY. NPP GOV'T DIDN'T KNOW OF GHANA'S DEBTS AND THEY WERE PROMISING HEAVEN ON EARTH.
NDC people should give us a break... Ghana is suffering because of you th.ieves.. Leave Nana alone to rule
Tell the 1d100ts. NDC must listen and learn. Unfortunately they do not read and if they do read, they don't understand what they read!!!!