Midyear budget review was without policies - Economist

An economics professor with the KNUST is calling on government to move beyond assurances and put in sound economic policies to save the ailing economy.

Dr. Anthony Osei Fosu was commenting on the finance minister’s assurances to Ghanaians that Ghana’s middle to long-term prospects remains bright.

Mr. Seth Terkper in the midyear budget review stated five underlying basis for his optimism.

Among these were expected oil revenues and the recovering gold and cocoa prices.

The other underlying factors were anticipated public-private partnerships in several commercial and capital projects and a better public financial management system.

However, Dr. Fosu told the Ultimate Business Brief, the hopes outlined by the finance minister weren’t assuring enough. He stated that the same underlying factors were outlined in the budget at the beginning of the year 2014.

He emphasized, “we are seeing the trend of the economy, and if you continue to reiterate the same measures then it casts doubts as to where the economy is going.”

“You don’t see any pragmatic steps, and the only thing you hear is government assures government assures and assurance is no economic policy,” he stated bluntly.

Dr. Anthony Osei Fosu contends until changes are made in policy direction, the economy will experience no changes.