#Ghana: President John Mahama confident that the economy will get back on track in 2013 http://t.co/DRjmAhoEIV... and did it get back on track? Ghana has been a stable democracy since 1992. In 2008, the late Prof. John Evans Atta Mills took over and as an economist, expectations for him to stabilize the macro economic indicators were high. He didn't disappoint. In the early months of 2012, Ghana's GDP stood around $74.9 billion, representing a 13.6% growth in 2011 and a 5-year compound annual growth of 8.0%. Inflation (CPI) continued to be in single digits, 8.7% with a public debt of 40.8% of GDP.
— The EIU (@TheEIU) August 6, 2013
@abbanbudu @shaddersbm Ghana is the 4th highest indebted African country. don't worry we ll be first soon #proudlyGhanaian
— NATHAN AIDOO (@Thermo18) October 10, 2013
By the end of December 2012, Ghana's debts stood at $18,832.77 million, equivalent to 49.4% of Gross Domestic Product (GDP), up from $15,350.08 million. Inflation (CPI) also stands at 11.5%. The reality here in Ghana is that the executive always spends more than the budget parliament approves and it is about time the legislature brings government institutional heads who overspend what has been approved in the Appropriation Act to book.
Ghana borrowing to support budget deficits is as certain as darkness at night. Over expenditure and high debt to GDP ratios pushes the government to adopt stringent measures to raise revenue, like complete or partial withdrawal of public subsidies and increases in consumer taxes and public utility bills. This can only worsen the plight of the ordinary Ghanaian.
minimum wage in Gh GhC5.24 per day. Trotro from Kaneshie to 37 is GhC1.5. Meanin after going in n out someone cant buy waakye n egg @benkoku
— Efo Dela (@Amegaxi) October 9, 2013
Currently, there is only one way forward ... "prayer for a miracle!", because economic measures to turn things around seem not to be an option for the government. Meanwhile, the EIU maintains its economic forecasts that growth will remain below potential in 2013 and a large fiscal and current-account deficit.
Ghana's Economy Cursed & Broke- Archbishop Duncan Williams http://t.co/V72qiYoDW7 << Had it been Otabil, he would have been milled by now!
— Ekow (@EkOwMaIsSe) August 19, 2013