Dennis Nsafoah, an associate professor of economics at Niagara University, has characterized the 2024 budget as an economic hardship for Ghanaian firms and people but as a win for the nation’s fiscal officials.
Speaking on February 15 at The Investment Dialogue, a program hosted by Citi FM/Citi TV in association with Tesah Capital, Professor Nsafoah stated that Ken Ofori-Atta, the former Finance Minister, was correct to christen the 2024 budget Nkunim, as it cleared the path for the triumph of fiscal authorities.
“The Finance Minister named the 2024 budget as the Nkunim Budget, and I think he has every right to name it the Nkunim Budget. He was right when he said the economy had turned the corner. In my opinion, by reading the budget, I saw a path through which fiscal authorities can return public debt to sustainable levels and that is a victory on its own. So the 2024 budget was a victory for the fiscal authorities, but the real question is, is it a victory for Ghanaian households and businesses?”
“Homeowners and businesses in Ghana have paid a heavy price for this victory that the fiscal authorities will receive, and they will continue to do so.”
He suggested taking action to control the nation’s debt levels in a way that would safeguard individuals and companies.
“Because of the disproportionate impact of inflation on low-income groups, monetarizing the debt has proven to be the most effective strategy, but it has also proven to be the most detrimental to households and businesses.”
