Mid-Year Budget Review: Recommendations to Gov’t Fell on Deaf Ears – Economist 

Mr Johnson Addai Asante, an esteemed Economics lecturer at Kumasi Technical University, has expressed his dismay about the current state of the country, asserting that the government has failed to heed recommendations from experts like himself.

According to him, the government was previously advised not to rush the implementation of certain policies, but unfortunately, these well-intentioned suggestions were not taken into account.

“As a government, when introducing policies, it’s crucial not to rush the process. Gradual implementation allows for better outcomes and prevents potential problems for the country,” he emphasized in an interview on Opemsuo Radio’s Nkwantannanso with George Adjei on July 31.

Furthermore, he explained that one of the prevailing issues faced by the current administration is its expenditure, which seems to exceed its available resources.

“That’s one of the problems with the Akufo-Addo government. It must learn to manage its budget in line with the available resources,” he remarked.

Mr. Asante cited several initiatives introduced by the government, such as the creation of new regions, Free SHS, NABCO, 1D1F, and the establishment of new municipalities, which have collectively contributed to increased administrative costs.

Reading the Mid-Year Budget in Parliament on July 31, 2023, Ken Ofori-Atta, the Finance Minister said, “We have made significant progress on restoring macroeconomic stability and the narrative is changing. The economy is showing signs of recovery.”

The signs, he said, can be found in the stabilization of the country’s exchange rate, inflation and interest rates. According to him, the signs began to show in December 2022.

Story by Adwoa S. Danso