The mid-year budget provides no solutions, it is hopeless- Economist

A chartered economist Mr. Prince Obiri Yeboah, has opined that the mid-year budget review presented by Finance Minister Ken Ofori-Atta presented no hope to Ghanaians in the face of the economic challenges.

He argued that the mid-year budget review failed to highlight specific measures to be adopted to help us come out from the economic woes.

”After listening to the Minister, I did not hear him highlight specific measures to address our challenges although he touched on one ot two issues.”

The issue of reintroduction of the road tolls on the Accra-Tema Motorway and other areas, he said I don’t see how this format would impact our economy. In general, I don’t see how the mid-year budget review will help us resolve the issues and our current challenges”.

He asked Ghanaians to manage their expectations because the review provided no hope.

He also indicated that the current debt level of Ghana is at an unsustainable level and would have been difficult to secure loans because of the underlining matters confronting the economy.

The continuous importation of goods he lamented has affected the local currency coupled with the inflation rate but in spite of all these, one would have expected a short measure to address the depreciation of the local currency.

The Finance Minister, Ken Ofori-Atta presented the 2022 Mid-Year Budget Review to Parliament for approval on Monday, July 24, 2022.

The review, which did not see a request for new funds, noted the current macroeconomic figures that have suffered in recent times.

It also announced a return of road tolls on the Tema-Accra Motorway in the future and the end of the Nation Builders Corps programme, among others.

The Minister said the President has shown by his deeds that he is deeply committed to the welfare of the masses of this country.

”Ours is also a government that is not afraid to make hard choices for the good of our country. I want to appeal to Ghanaians to keep faith with the President and his team. We know things are tough now.

But we have a plan and the will to drive it. I want this House to do exactly what it did in the earlier crisis of 2020; support us in our bid to reduce the impact of this global crisis on the nation and to tackle the vulnerabilities in our economy that make us prone to such shocks. The President wants this sovereign House to be a strategic partner in Government’s efforts to stabilise the economy and spur growth to create jobs.”

But the economist insists Ghanaians should not raise their hopes high and further encouraged everyone to tighten their seat belts because we are in difficult times.


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