What the economic year 2023 has to offer
The past three years have been economically challenging for most Ghanaians, but 2022 will be even worse.
Coupled with the increase in the cost of utilities, fuel, groceries and more, many residents have to deal with living conditions that are unbearable. Right now, many are just hanging on by a thin line of faith, believing that things will get better.
Like many other countries, Ghana has been looking to the IMF for a financial bailout, with the hope that the facility will pave the way for economic recovery by 2023. nations like Ghana.
“With the global economic slowdown, we are projecting global growth to go down to 2.7%, maybe even lower, … and it will continue to go down,” she said in an interview.
“This is what we see in 2023, for most of the world economy, it will be a difficult year, more difficult than what we left. Why? Because the three big economies, the US, the EU and China are all slowing down.
Despite these indications, President Nana Akufo-Addo in his Christmas and New Year message is confident that Ghana’s economy will recover by 2023.
According to him, “for the past three years we have faced captivity in Babylon. I am happy that despite all this, we are starting to come out of the difficulties, which encourages me to say that with hard work, dedication and constant concern in managing the affairs of the country, we will rise again “.
Ghanaian economist Patrick Assuming, however, is different.
“I expect 2023 to be a different year than 2022. If you look at the domestic factors, the fact that we entered the IMF program, it will limit the ability of the government to spend in the areas that it normally wants to do.
“Also importantly, we have seen that in the IMF program, there will be some restrictions on employment in the public sector, at the same time, we do not expect that the private sector will be able to create as many jobs as before.”
He further hinted at the depletion of the wealth of many Ghanaians due to the debt swap programme.
“Because of the debt exchange program that will be implemented, many people will not be as rich as they would like because wealth will decrease and they will reduce consumption.”
But the government has introduced drastic economic policies such as cost reductions and new VAT rates, hoping to stabilize the economy as it waits for around three billion from the IMF.
By Judith Awortwi-Tandoh [MG News]
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