FLASHBACK: It’s saddening Ghana’s economy is in dire straits – Kwesi Botchwey

A former finance Minister, Prof Kwesi Botchwey, bemoaned the sinking state of Ghana's economy.

He noted that Ghana's debt kept increasing due to poor management practices by the government.

He said “sadly, we don’t appear to have learned our lessons. Now moving so perilously close to the edge of the presidency, where we were in the early 80s; with our economy saddled with debts which we cannot even pay to meet our social obligations.”

Prof. Botchwey passed on on November 19, 2022.

Read the full story originally published on June 16, 2022, by GhanaWeb

Prof. Kwesi Botchwey, a former Minister of Finance and Economic Planning under the late President Rawlings’ tenure, has expressed his disappointment in how Ghana's economy has taken a nose dive following the high debts accrued in recent times.

According to him, it seems the managers of the economy have never learned any lesson from the various governments in the past.

Speaking at the launch of the collective Biography of the Ahwoi and Adu-Gyamfi siblings titled ‘The Children of House No. D13, South Suntreso Kumasi,' Prof. Kwesi Botchwey explained:

“Sadly, we don’t appear to have learnt our lessons. Now moving so perilously close to the edge of the presidency, where we were in the early 80s; with our economy saddled with debts which we cannot even pay to meet our social obligations.”

Prof. Kwesi Botchwey has consistently complained about the economic challenges facing the country.

At a recent 65th Independence Day Lecture, he said, “our current travails can be overcome provided we level with the people. The solution to a problem begins with recognising that there is one. It must start with the recognition that, it is a crisis and level with the people. We must wind down the hubris, the arrogance, and the show of impunity that the people see.”

Prof. Botchwey indicated that the two areas that affect the economic policy choices are continuity in economic planning and democratic consolidation and suggested that such choices should be looked at as solutions sorted for bettering the current crisis in the economy.

Ghana is currently battling with huge public debt levels and challenges in revenue generation.

The Bank of Ghana reports that the country’s public debt has increased to GH¢344.5 billion, which is 78.4 percent of GDP at the end of November 2021, compared to GH¢291.6 billion, or 76.0 percent of GDP at the end of December 2020.

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