2023 is the Year of Austerity, economic recovery to start from April - Gabby

Leading member of the ruling New Patriotic Party (NPP) Gabby Asare Otchere-Darko has labelled 2023 a year of austerity with a projection that proper economic recovery will kick in from April.

In his view, even though austerity is expected, 2023 should also be a year of macro stability and predictability for the economy.

Gabby's views were contained in a January 3, 2023 tweet which read: "2023 is the Year of Austerity. But it should also be the year of macro stability and predictability for the Ghanaian economy.

"It will not be easy, but businesses thrive on stability and with that I can see a slow but gradual recovery for the economy from April."

Ghana had a torrid 2022 amid an economic crisis that forced government to seek an International Monetary Fund (IMF) facility at a time the cedi was rapidly depreciating, inflation was galloping and government was faced with multiple downgrades by rating agencies.

The government has serially blamed the crisis partly on the aftershocks of the COVID pandemic and the ongoing Russia-Ukraine war.

It has promised to turn around the economic fortunes of the country after sealing a Staff-Level agreement with the IMF with the hope that funds from the US$3 billion facility will be released early this year.

2023 is the Year of Austerity. But it should also be the year of macro stability and predictability for the Ghanaian economy. It will not be easy, but businesses thrive on stability and with that I can see a slow but gradual recovery for the economy from April.

— Gabby Otchere-Darko (@GabbyDarko) January 3, 2023