Dr Lord Mensah, a lecturer of the University of Ghana Business School, has observed that the President and his scientific team took the best possible decision to salvage the Ghanaian economy from suffering whilst ensuring the citizenry’s economic livelihoods are not wrecked.
“Looking at our economic structure which is more informal, that is people survive on daily basis, how they move from one point to another, it tells us if you don’t take care and you use a model in America for Ghana you end up having the lockdown or measures to curb the virus rather having more impact on the citizenry than the virus itself.
“I was reading a research and it gave me a signal sometimes in pandemic like this the measures are being put in place to ensure they hold up the virus rather comes to have more impact on the people than the virus itself.
“ I believe the President and his scientific team looked at all this and they’ve realised if we don’t take care the lockdown is rather having more impact on the economy than the virus and that is why the President softened his stance,” Dr Mensah intimated.
The announcement of the lifting of the partial lockdown has created mixed reactions from a cross-section of the citizenry but he maintained that the decision by the President was probable best way to go since structure of our economy was different from the western economies which could cope with the lockdown.
Dr Mensah indicated that more countries would also be downgraded because of current development in global economy with South Africa’s economy already downgraded because it was important to have ratings due to situation on grounds in first quarter of the year was completely different from current situation and possible outlook moving forward.
“Looking at what is happening, there is tendency that our nation debt service will become a challenge moving forward since what we rely on to generate revenue, we might rely on exports but petroleum prices have dropped drastically to about lowest in 30 years.
“Looking in house, taxes that are to be generated the prospects are bad, effectively, any ratings agency that relies on the input will downgrade our economy, it’s not only Ghana alone, a lot of countries will have their credit ratings downgraded,” Dr Mensah lamented. -classfmonline.com
