Finance analyst and Chief Operations Officer at Dalex Finance, Joe Jackson, has said that resetting the country’s economy will not be an easy task for the new government.
He says the level of devastation caused by the outgone administration is so huge that the new government requires some time to bring the nation back to where it used to be.
The finance analyst was projecting into the future of the new government with recourse to the state of Ghana’s economy, where he concluded that it will not take any magic for Mahama to better things overnight since the country is still broke.
Speaking with Captain Smart on Onua TV Monday, January 06, 2025, ahead of the inauguration of the president, Mr. Jackson noted that the rate of the cedi depreciation alone is a hurdle so huge for the new administration to cross, before looking at the other indices.
According to him, “all is not well ahead for the incoming government (Mahama) due to the mess of this administration (Akufo-Addo). There are many hurdles ahead to be crossed. Amongst them include exchange rate. This cedi depreciation, so, in 2025, the government is still broke.”
“Mahama is not going to fix the exchange rate by magic or voodooism,” he stated.
Mr. Jackson, however, commended Akufo-Addo for purchasing some gold and saving for the nation to cushion the economy at the latter days of his administration.
“The good thing they did was to buy some gold with cedis to raise our reserves and exchanged some for dollars which helped a little in the final days.”
He advised that Mahama takes pragmatic steps to revitalise the cocoa industry to sustain the economy since that sector has been the bedrock of Ghana’s economy over the years.
“Ghana’s cedi had been sustained by cocoa over the years but the industry has been wasted. We know produce 30% of what we used to produce previously. We should make cocoa as an emergency and do it well to make it better to help sustain our cedi,” he indicated.
