Dean of Graduate Studies at the University of Professional Studies, Professor Samuel Antwi has disclosed certain indicators that show progress and stability in the economy.
Professor Antwi stated the IMF loan, stability in the forex market, and the moderation stability in world commodities as some of the indicators which account for progress in the Ghanaian economy.
He mentioned the government’s implementation of policies like increases in tax rates and import duties is derailing the economy’s stability.
“Three things have shown some signs of improvement in the economy. The first one is the first tranche of the IMF loan of 600 million dollars, then some stability in the forex market, the cedi is not depreciating as it used to be, and coupled with that world commodities are stable. These three things have come to support our ailing economy in terms of progress,” Professor Antwi stated.
However, some counter-policies from the government have not made these areas shore up in terms of improving our economy.
” One of them is the increase in various tax rates. Some items have also increased in terms of import duties, these items have not been able to support the growth of the economy.
It seems that the measures we are putting in place are not working. Interest rate is a major problem for businesses in Ghana now, and we need to look at it,” He added.
Professor Antwi contributing to a discussion on the economy called on the government to review its fiscal policy measures interest rates and expenditures to stabilize the economy further.
He, however, urged Ghanaians to endure the hardship for a while and support the government’s effort to ensure the improvement of the economy.
Dr. Patrick Assuming for his part, says contrary to public expectations, the IMF bailout will not bring financial freedom to the economy but will only help bring some form of stability.
He advised the government to spend efficiently by investing in businesses to increase productivity.
