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Managing an Economy is more complex than writing a speech – Dr Sam Worlanyo Mensah

The 2024 Budget, presented by Finance Minister Ken Ofori-Atta on Wednesday, November 15, was dubbed the “Nkunim” (victory) budget, outlining the government’s interventions for social protection, job creation, and tax reduction measures.

Reacting to the 2024 “Nkunim” Budget Financial Economist and Investment Banking Consultant Dr Sam Worlanyo Mensah says the 2024 Annual Budget is a Projection.

Speaking on the AM Ghana Morning Show Dr. Mensah said GHANA’S economy is facing a lot of challenges which has resulted in owing National Health Insurance Authority, and borrowing from Domestic Markets which has resulted in the government embezzling the reserved account at the Bank of Ghana.

He continued that the government is trying its best to ensure these challenges are been met or resolved.

According to him, managing an economy is much more complex than writing a speech.

The Wisconsin University Lecturer emphasized that jubilating over written words which are not yet implemented is not necessary.

“It is not necessary to celebrate the visions but rather, the achievements “.

He further encouraged the government to focus on maintaining the current economic growth and ensuring stability in the country.

“You can not fight someone’s vision, and vision does not mean realities”. The government is using deferred payments to do projections.

Looking at the debt rate structuring, the government is spending a lot and due to deferred payment, money which could be used to settle the debt coupon rate is now an income to the state which is not in reality true while the road contractors are there.

“Political information in the system is too much so people are not feeling or matching the real economy of what has been cooked out there”.

The Economist emphasized that the government is projecting 3 billion because of deferred payments which has not been settled and in reality, the economy of Ghana may not grow using the market value by using the book value which is statistics and data which is likely to be manipulated by anybody.

Ghana’s Finance Minister also said that the budget is aimed at ensuring job creation and prosperity for the Ghanaian population during his presentation in Parliament on November 15. He also reflected on the challenges faced by the country, emphasizing the government’s commitment to the welfare of its citizens.

He drew parallels with the 2020 election year, which, despite being the first in the Fourth Republic with zero donor funding, showcased the government’s remarkable sensitivity to the people. In that year, there were no layoffs in the public service, salaries were consistently paid, and free water and electricity were provided, particularly benefiting lifeline consumers.

The Finance Minister highlighted the government’s support for entrepreneurship, citing the successful implementation of the 600 CapBuSS programme for the Ghana Exporters’ Association (GEA).

BY: Awlavi Justine

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