‘Ghana is not broke’ – Prof Quartey

“Ghana is not broke,” this is the verdict passed by Prof. Quartey, the Director of the Institute of Statistical, Social and Economic Research (ISSER).

The economist and academic in explaining his view also cautions against the use of words like “broke” in reference to the state of the country’s economy.

He explained in an interview that aired on Tuesday, January 4, 2022, on Accra-based Citi News that denigrating the state of the economy has consequences among which are denting the image of the country before the international community.

Prof, Quartey who is also the Head of the University of Ghana’s Economics Department, further explained that the main issues that point to a broke economy are not found anywhere in the country.

“Any economy that is broke should not be able to pay salaries and wages. Any economy that is broke should not be able to pay for its imports and should not be able to service its debts.

“Have we ever heard in the past couple of years that the government has not been able to service its debts?” he asked.

He cautioned politicians especially to desist from employing the use of such language because it was not proper so to do. He is, however, quick to admit that the government is indeed facing challenges.

The economist was reacting to predictions made by former Deputy Finance Minister and Parliament’s Ranking Member of the Finance Committee, Dr. Cassiel Ato Forson, who in a January 2, 2021, social media post declared 2022 as a year of “economic misery” for Ghanaians.

Prof. Quartey addressed some specific issues raised by Ato Forson relative to exchange rate rising, fuel price hikes and the issue of public debt accrual,

Ato Forson, meanwhile, was politically tackled by John Kumah, MP, and Deputy Finance Minister who accused his fellow lawmaker of engaging in propaganda without backing data.