Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has expressed the need for government to reconstitute its Economic Management Team (EMT).

According to him, a new team of experts and professionals should be assembled to manage the economy in view of the difficulties facing the country.

Contained in a post on twitter today, October 28, 2022, Dr Kwakye stated that: “Reconstituting the Economic Management Team and bringing in experts/professionals will be one of the needed confidence-building measures”.

Prior to this, the IEA Director challenged President Akufo-Addo’s assertion that the Finance Minister has done well and therefore cannot be sacked for the state of the economy. He indicated that Finance Ministers are responsible for managing the finances of every country and they must take the responsibility for any mess created.

Dr Kwakye revealed that the solution to the country’s problems do not rest with the IMF or the World Bank but the government of the day to proffer such solutions. He further called for urgent interventions to slow down the cedi’s depreciation. He explained that involvement of government is needed to “stop the haemorrhaging of the cedi”.

The woeful state of Ghana’s economy has necessitated calls by Ghanaians and various stakeholders on the need for government to swiftly address challenges such as soaring prices of fuel and rising cost of living.

Mahama calls on President to take hold of EMT

Meanwhile, former President John Mahama has asked President Akufo-Addo to take hold of the Economic Management Team to help boost confidence in the economy. He revealed that the Chairman of the Economic Management Team (EMT), Dr Mahamudu Bawumia, and the Finance Minister have failed.

To rectify the situation, His Excellency John Mahama called on President Akufo-Addo to not only replace his Finance Minister, but must also “reconstitute and take control of the Economic Management Team himself”.

H.E Mahama expressed his support for the draft motion of censure by the Minority against the Minister of Finance and the recent “rebellion of G95 group” calling for the removal of the minister.

In its bid to address the prevailing economic challenges, Cabinet on the other hand, has commenced a meeting to find solutions to the hardships in the country. Also, the President is expected to address the nation on the economy on Sunday, October 30, 2022.

Speaking to journalist at the Jubilee House on Thursday, October 27, 2022, President Akufo-Addo stated that he is fully aware of the difficult times Ghanaians are going through presently. He admitted that times are hard.

Similarly, the President concerted that the local currency is not doing well against the dollar and there is the need for support from all and sundry to deal with these.

“I have seen the difficulties that our currency has been having. I have seen the difficulties and dramatic rise of price levels, significant rise in the cost of living and difficulties generally, in the manner the economy is rising.”
President Akufo-Addo

President Akufo-Addo indicated that government understands that all sectors and actors of the economy either on the side of management, labour and workers have to find a way of balancing the various considerations. He explained that once this is done, Ghanaians can progress and continue hopefully, in building a stronger economy.