The Dean of University of Cape Coast Business School (UCCBS), Professor John Gatsi has stated that the six hundred million dollars expected to hit the nation’s account will not improve Ghana’s economy as the Minister of Finance, Ken Ofori-Atta wants the nation to believe.  

This follows an amount of $600 million expected to be released to the government after an agreement was reached under the G20 Common Framework, ‘on a Comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative’.

In a statement issued, the Ministry of Finance explained that Ghana’s economy will have some level or relief as a result of the cash the government will have soon.

But speaking on the Morning Starr with Francis Abban, Prof Gatsi indicated that there is nothing exceptional about the amount coming into the country.

“You need to appreciate where the Finance Minister is coming from the whole IMF that he rejected, one of the questions we need to ask is when the first tranche of 600 million dollars that we received in May 2023 did it turn the economy around? This one too won’t turn the economy around,” he stated.

According to him, the government struggled in getting the recent agreement with the external creditors adding the amount will only stabilize Ghana’s currency minimally.

“That does not call for any celebration that will not turn the economy around overnight. The opportunity it gives to the government is that we are now receiving both policy direction and financial support.

“What that also means is that we have now added another 600 million to our debt portfolio as a country. And that will help perhaps minimally to stabilize the currency and to soar up the reserve plus the balance of payment of the country. That is all there is to the six hundred million dollars,” Prof Gatsi stated.     

Source: Ghana/