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General News of Wednesday, 30 July 2014

Source: myjoyonline.com

"Wishful thinking" not solution to economic woes – Amoako Baah

Head of Political Science Department at the Kwame Nkrumah University of Science and Technology (KNUST), Professor Amoako Baah, has described President John Mahama's assurances of improvement in the economy as “wishful thinking”.

According to him, the reality on the ground and statistics from the Bank of Ghana shows a worsening rather than a recovering economy.

President Mahama while addressing a gathering of Muslims at the forecourt of the Kumasi Central Mosque in the Ashanti Region to mark this year’s Eid-Ul-Fitr said the economy will improve at the end of the year.

He said the economic prospects in the medium to long term are promising after the implementation of “some painful but necessary measures to prevent a meltdown”.

President Mahama also urged Ghanaians to eschew “cynicism and pessimism” and be optimistic of future projections.

However, Prof. Amoako Baah speaking on Asempa FM’s Ekosii Sen programme on Tuesday said 'mere rhetoric' which is not backed by facts and figures does not restore hope in the economy.

He noted that President Mahama's recent assurance and the projections by the Bank of Ghana are far at par.

“Bank of Ghana statistics show our external debt is now 12 billion and the president is saying otherwise; we are almost in a desperate situation”.

Prof. Amoako Baah who is also an economist said Ghanaians have the right to be pessimistic about the socio-economic conditions in the country because ‘there seem to be no end in sight’.

“We will be fooling ourselves if we ignore the realities on the ground and decide to be optimistic in the present economic situation. I won’t hold my breath for it,” he stressed.

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