The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that the government has no choice but to be financially disciplined in the upcoming 2024 elections.
According to him, the effects of a broken economy have been evident in the past couple of years, therefore, it is prudent to stay out of further crisis.
The Governor shared these insights when he unpacked the country’s pre-COVID stability and post-COVID crisis.
“Ghana doesn’t have a choice but to do so, because we have all seen what an economic crisis can do. The lessons are fresh on everybody’s mind. And the need to keep the currency stable is paramount going into the election,” he said.
An Economist, Prof. Lord Mensah, has cautioned the government against overspending ahead of the 2024 elections.
He noted that any excesses that will be recorded this year could derail the economy’s gains for 22 years.
“Access to the international market is not there to rake in expenditure like it used to be. If we overspend, it will derail the economy for the next 22 years. We don’t have enough room to spend,” he said as quoted by myjoyonline.com.
“There is no room to raise the money that will call for the kind of election-year expenditure. It is not there; our hands are tied. If government has something to do, they may have to prioritize, other than that, bouncing back will be a problem,” he said.
SSD/NOQ
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Dr. Ernest Addison is Governor of Bank of Ghana