Ghanaians must brace up for difficult times ahead – Economist

Economist and Research Lead at GCB Capital, Courage Boti has admonished Ghanaians to buckle up for the coming year.

This follows the presentation of the 2023 budget and economic policy of the government on the floor of parliament by Finance Minister, Ken Ofori-Atta.

Speaking to Starr Business, Courage Boti noted that the measures announced by the government calls for a tighter financing arrangement on the part of the citizenry.

“It has always been coming and just a confirmation for me that we all in our individual capacity must tighten our finances properly. Because we will have to pay our due to the government and then the economic conditions.

“We will want to achieve some stability steadily into the market forecast, which I am a bit aligned with most of them that inflation will reduce. With all other things being equal the currency should begin to stabilize once there is a balance of payment report. There will be a growth in the debt stock as there is some adjustment along the way,” Mr. Boti explained.

The analyst further explained that once the IMF program and its effect comes in the government will be getting in additional bilateral and multinational support from partners to cushion the economy.

“But on a personal level VAT increasing by 2.5 percent from the 12.5 percent, we are now paying about 15 percent really that is a cost to us consumers. That is something we will have to deal with in addition to all the higher pricing we are facing., Mr. Boti stated.

He added that in the situation Ghanaians find themselves their financial position will definitely increase.