The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Mr. Pierre Laporte says it is key that government is transparent with the general public on the current economic situation the country finds itself in.
Government recently expressed its unhappiness with credit rating agencies, especially after Moody’s downgraded Ghana’s long-term foreign currency sovereign rating to Caa1 from B3.
According to Moody’s, it downgraded Ghana’s long-term issuer and senior unsecured debt ratings following the woes Ghana is facing in fixing its liquidity and debt challenges.
Professor Lord Mensah an Associate professor for the university of Ghana Business school and an Economist in an interview with Bohyeba Afriyie on Plan B Fm’s Ebanoosen has said that the Managers of Ghana’s economy over the years haven’t been bold enough to come clean with the real amount of money Ghana owes and from records the debt varies depending on who it is coming from .
He indicated that this Government has held the economy on it self too much, they were supposed to allow the private man to also help run the Economy.
He also said that the Government must be bold enough to open up to the Citizens about the Economy and it will even help them to understand the need to pay E-levy.
He said this crisis started way before COVID a good reason is banks not being able to loan business owners meaning the banks are not liquified enough and that is one of the signs of a bad state of an economy.
He concluded that the call from the WorldBank is a good call the Government must be transparent enough because transparency creates trust and trust brings understanding.
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