Chief Executive Officer of Dalex Finance Ken Thompson has waded into the controversy over President John Mahama's statement that Ghana's economy remains one of the most resilient in the world despite the current economic challenges.
The President made the statement when he was addressing a durbar at Akwamufie in the Eastern Region as part of his “Accounting to the people” tour.
His statement has sparked a debate among economists who have expressed divergent views. Mr. Thompson says the economy is rather on a decline.
For him, Ghana's current economic situation has got nothing to do with the global economic slowdown.
“We should stop comparing ourselves to oil producing countries because oil as a percentage of our income is very small. So if for example a country like Nigeria with over 90 percent of its foreign exchange inflows come from oil is complaining, we should not try to rub shoulders with them” he warned.
Mr. Thompson stressed that the problem with Ghana's economy is self-inflicted.
He expressed worry that even though Ghana is broke it has failed to live within its means.
He also chided government borrowing saying its foolhardy and described the country's tax system as inequitable.
“As far as I am concerned and I am a businessman, the economy is contracting day-in-day-out, the real sector has not grown, agriculture has collapsed, mining went a long time ago and oil is only 7 percent of the economy. What else have we got?” he quizzed.
The economy in his view is very fragile.