Member of Parliament for Builsa South Dr. Clement Apaak, has reacted to the latest 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa) on Ghana.
He said the latest report has shown that Ghana’s economy is in a mess and the current administration must be called.
He posited that the Nana Addo and Bawumia-led administrations caused the problem so their clan would benefit.
The latest report has revealed that Ghana’s net international reserves are expected to end in 2023 at approximately three weeks of import cover (0.8 months).
The report explained that the country’s reserves will increase to about 1.7 months of import cover in 2024.
It added that only Zimbabwe (0.2 months), South Sudan (0.5 months), and Ethiopia (0.6 months) in Sub-Saharan Africa are projected to have lower import cover than Ghana.
The IMF report contradicts the Bank of Ghana’s Summary of Economic and Financial Data.
BoG’s report had estimated Ghana’s reserves for 2023 at 2.7 months of import cover.
It further indicates it stood at a little above two weeks (0.6 months) of import cover in 2022.
According to the IMF, if foreign inflows stop, Ghana’s economy will suffer significantly because the country’s reserves for balance-of-payment transactions are limited.
In a tweet, the MP said the current administration can best be described as Ghana’s worst.
His tweet read “The Akufo-Addo/Bawumia NPP gov’t can best be described as the worse tragedy ever to befall our nation. This gov’t has destroyed our economy and our environment, all for the personal gain of the ruling clan and its appendages. Ghanaians must punish NPP for generations”.