Economic Crisis: Things Will Get Better; But Not This Year – GNCCI

The Chief Executive of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has assured the populace that the current economic crisis will soon be a thing of the past.

Speaking in an interview, Mr Badu-Aboagye said with the government’s conclusion of the International Monetary Fund (IMF) deal, Ghana’s economy will certainly transform.

He was optimistic about the future adding that “the outlook is good.”

“It will get better, but for this year, things will be a bit rough so if you’re taking a decision for the year, you should know that these adjustments are going to affect you,” he said.

Touching on the conditionalities that accompany the IMF deal, Mr Badu-Aboagye said the government rolled most of them before the deal was complete, hence, things will only get better from here.

“I strongly believe that we will sail through this difficult moment. And of course, for this year, we do not expect that people will make a lot of profit even by looking at the economic activities.

“But next year, it will pick up and in subsequent years it will pick up. And I think the reason is that most of the conditionalities were front-loaded so we are feeling the pinch now, ones we get used to it the good things will follow,” he said.

The Bank of Ghana received $604 million on Friday, May 19, which is the first tranche of the International Monetary Fund’s $3 billion bailout to Ghana.

Prior to the bailout, the Governor of the central bank, Dr. Ernest Addison noted that the money would boost the country’s reserves and the Cedi which is already doing very well in recent times.

The IMF deal expected to restore confidence in the economy however has far-reaching consequences for the ordinary Ghanaian and businesses.