Positive signals show that the economy is bouncing back - Seth Terkper

Former Minister of Finance Seth Terkper has noted that there are positive signs indicating that the country’s economy is bouncing back.

In an interview with Joy News, Terkper, referencing recent reports by the International Monetary Fund (IMF), confirmed these positive signals but emphasised that not all sectors are performing well.

He explained that the reported growth is an average figure and not indicative of the full picture.

“There are positive signals, and even the IMF has stated that there are positive signals. But the growth we are talking about is a headline figure, which is the average growth,” he explained.

During the inauguration of the transition team in Accra on December 11, outgoing President Nana Akufo-Addo expressed optimism that the economy is returning to pre-Covid-19 levels.

However, during a meeting with delegates from the United Nations, Mahama stated that restoring Ghana's economy will be a challenging task.

Seth Terkper added that Mahama's caution is justified, as some sectors are still struggling.

Terkper highlighted that while the headline growth may be driven by oil and certain industries, other sectors, particularly export-import and agriculture, remain vulnerable.

“So the caution President Mahama was pointing to is that the headline may be driven by oil, or it may reflect industries picking up, but if you look at the release [IMF’s report], they say some sectors are suffering.

"So what he [Mahama] is trying to point out is that, yes, the current president may focus on the headline figure, but that is only one index to boldly state that the economy is back on the path to recovery,” he explained.

ID/OGB

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