FLASHBACK: Ghana in a very difficult economic situation, government must admit it - Dr Yamson

A year ago, an Economist, Dr. Ishmael Yamson, said the government must admit that the country is going through harsh economic crisis.

He noted an admission of such will be the first step to finding a solution to the problems.

“My own experience is if you want to solve a problem, you must understand what that problem is and you must admit what the problem is. The admission that you have a problem to me is 80% of the solution. Because if you admit that you have a problem then you are more eager to look for a solution. But it doesn’t seem to me that we accept the fact that we’re in very difficult times," he said.

Read the full story originally published on June 3, 2022, by GhanaWeb

Economist, Dr. Ishmael Yamson, has stated that the government’s admission of the country’s current financial status will be a major step in addressing the country’s challenges.

He believes that the government is failing to admit that Ghana has a very serious problem in the country’s economic history.

According to him, being in a state of denial will not fuel the eagerness to find a lasting solution to the country’s problem.

Speaking on PM Express Business Edition the economist bemoaned the seriousness of Ghana’s economic crisis noting that the country is currently unable to access European funds to aid development.

“My own experience is if you want to solve a problem, you must understand what that problem is and you must admit what the problem is. The admission that you have a problem to me is 80% of the solution. Because if you admit that you have a problem then you are more eager to look for a solution. But it doesn’t seem to me that we accept the fact that we’re in very difficult times."

“It is a very difficult situation we have to the extent that we can’t access Europe money. And don’t forget Europe money helped this country a lot to stabilize the macro environment, the fiscal environment, and the moment we lost it, we were exposed,” he said.

Ghana’s economy is currently battling various economic turmoil due to the COVID-19 pandemic and the conflict currently ongoing between Russia and Ukraine.

The country was also downgraded by Fitch and Bloomberg in their latest credit ratings.

Meanwhile, the Ghana cedi has also depreciated against major trading currencies from the beginning of the year.

Inflation has also hit an all-time high of 23.6%, a situation indicative of the high prices of goods and services.

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