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Ghana's economy likely to bounce back in 6 months – Nana Akomea

Social News Ghana's economy likely to bounce back in 6 months – Nana Akomea
FEB 21, 2024 LISTEN

Managing Director of the State Transport Company (STC), Nana Akomea, has expressed confidence in a potential revival of the struggling economy.

Over the past few years, the Ghanaian economy has faced a downturn, prompting the government to secure a 3 billion credit facility from the International Monetary Fund (IMF).

In an interview with Umaru Sanda Amadu on Face to Face on Citi TV, Nana Akomea expressed optimism that the ailing economy would rebound within the next six months.

Acknowledging persistently high inflation and interest rates, he noted that the economy is showing signs of gradual recovery.

Nana Akomea highlighted the stability of the local currency and improving reserves as positive indicators. However, he lamented the challenges the government is grappling with due to the hardships faced by citizens.

Despite the economic crisis, Nana Akomea emphasized that the ruling New Patriotic Party (NPP) has a dynamic candidate in Dr. Mahamudu Bawumia, who, if elected in the December polls, can address the situation.

“The bigger problem we face is that I believe, we have the most vibrant candidate in Dr Mahamudu Bawumia. But as a government, we are in economic difficulty today. Nobody has hidden it, and we all know the major things that have brought us into this situation.

“But once you are a government, you will suffer for it. If people don’t have money in their pockets, there could be many external factors. But you are the one sitting in front of them, and they will blame you. We are suffering for it, that is one of our biggest difficulties.

He stressed, “We know that in a couple of months, maybe 6, 7 months, the economy will lift, and the economy will be on an even cure. The signs have already started showing. But they just started showing, the Cedi has been relatively stable compared to the last 2, or 3 years. Interest rates are still high because the government is borrowing heavily from the Treasury Bill, and external credit is closed. Interest rates are quite high, we agree, inflation is still high, but it’s coming down. The reserves are picking up.”

He proposed the cost of living to be brought down to neutralise the sufferings of Ghanaians.

“The signs have started showing. What we need to do is to bring the cost of living down. So that people can begin to feel more credit in their pockets. We believe that will neutralise the disadvantages we are suffering from the economy,” he opined.

—citinewsroom

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