Renowned economist Kwame Pianim has called on President Nana Addo Dankwa Akufo-Addo to declare a state of emergency in response to the current economic crisis in Ghana.
According to him, such a declaration is necessary to effectively address the crisis.
Speaking during an interview on TV3’s News 360, he emphasized the need for transparency and urged the government to inform Ghanaians about the severity of the crisis.
Pianim suggested that symbolic measures, such as reducing the size of government and suspending non-productive expenditures, would demonstrate a commitment to resolving the crisis.
“Now we have to put all our cards on the table, tell Ghanaians we are in a deep crisis.
“Those are the words that the IMF uses, we are in a deep crisis and to solve the deep crisis and get out we have to be serious, declare a state of emergency and tell every Ghanaian we all have to tighten our belts, we are in economic crisis.
“Some of the symbolic cutting will show that we are reducing the size of government to make it lean and smart and that expenditures that are not going to yield output they are going to suspend them.”
President Akufo-Addo had previously cautioned the public not to expect an immediate solution to Ghana’s problems with the approval of a $3 billion deal by the International Monetary Fund (IMF).
In his address to the nation on May 28, the President acknowledged that accessing the IMF facility would not instantly alleviate the country’s difficulties.
However, he expressed optimism that the deal would restore confidence, reopen avenues that had been closed, and send a positive message to creditors and investors.
Echoing the President’s sentiments, Finance Minister Ken Ofori-Atta stressed that Ghana’s approval by the IMF Board was not a magical solution but a crucial first step towards implementing necessary reforms and achieving inclusive growth. Ofori-Atta emphasized the government’s commitment to pursuing a growth agenda focused on restoring the economy’s strength, prosperity, and resilience.
As the economic crisis persists, Kwame Pianim’s call for a state of emergency highlights the urgency of the situation.
It remains to be seen how the government will respond to his recommendation and address the ongoing challenges faced by the Ghanaian economy.