After promising to revive Ghana’s economic growth, president Nana Akufo-Addo is now faced with the task of handling a 1.6 billion hole in the budget and a deficit twice as high as expected.
In 2014 Ghana’s economy was among the most dynamic in Africa before being affected later by a slump in global prices.
“The debilitating and confidence sapping problem that affects every home. We can argue what the official rate of unemployment is but we can all see the desperation of our young people.
“They want to work but there are no jobs and some of them are being driven to unacceptable behaviour. We have a veritable time bomb on our hands,” President Akufo-Addo said.
In 2015 Ghana started a three year programme with the IMF targeting inflation, deficit and public debt.
Ghana’s GDP growth in 2016 was estimated at 3.6 percent considered as the lowest in some 23 years. The president has recognised that the deal is still to meet its objectives.