Economist Dr. Patrick Asuming Describes National Economic Dialogue Revelations as “Surprising and Shocking”
Economist and Senior Lecturer at the Department of Finance, University of Ghana Business School, Dr. Patrick Asuming, has described some revelations from the ongoing National Economic Dialogue as “surprising and shocking.”
Speaking in an interview on Joy FM‘s Midday News on Monday, March 3, Dr. Asuming pointed out that one of the most startling revelations was the extent of the energy sector debt and the alarming rate at which it is projected to continue accumulating.
Additionally, he expressed concern over the financial distress of COCOBOD, noting that both the debt stock and its servicing costs were at levels he found “astonishing.”
He acknowledged that while the general economic challenges were anticipated, the depth of some issues had been striking.
“The economy is in a very difficult situation,” Dr. Asuming noted, adding that the session had largely confirmed the severe difficulties confronting the economy in both the short and long term.
“By and large, from my point of view, you mostly expected it. Some of the details are a little surprising and shocking, but in the main, it’s always been clear that the economy is in a very difficult situation,” he explained.
Dr. Asuming also referenced Finance Minister Dr. Cassiel Ato Forson’s presentation, saying that it had primarily set the stage for future breakout discussions that would focus on practical solutions.
Despite his concerns, Dr. Asuming stressed the importance of open and honest discussions during the dialogue, urging all participants to contribute meaningfully to the process.
“I think the discussion should be very honest, and people should be able to speak freely. The final report should capture the essence of these discussions,” he stated.
Dr. Asuming also underscored the necessity of government commitment to implementing the recommendations that emerge from the dialogue, emphasizing that without action, the dialogue would be pointless.
“If the discussions only end in a report without action, then there will be no point in having them,” he concluded.
ALSO READ: