• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Sunday, 29 January, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
No Result
View All Result
Home News

Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023

Philip Akonor by Philip Akonor
January 16, 2023
in News
A A
0
Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

The Ranking Member of Parliament’s Finance Committee, Dr Cassiel Ato Forson has shared some 10 economic forecasts which are likely to happen to the country in 2023.

According to him, 2023 will present one of the toughest years for the Ghanaian economy as there will be high unemployment, high inflation, and further cedi depreciation among others.

That’s not all, the Member of Parliament for the Ajumako-Enyan-Essiam MP also adds that the country will record one of the worst non-oil GDP growths saying the banking sector, local businesses and individuals will be adversely impacted by the haircuts on domestic bonds and Eurobonds.

The forecasts by Dr Ato Forson come on the back of a similar caution by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, that this year will be “tougher” than 2022.

We expect one-third of the world economy to be in recession. Even countries that are not in recession, it would feel like a recession for hundreds of millions of people,” Ms Georgieva said on the CBS news programme Face the Nation.

In a Facebook post, Dr Ato Forson shared the economic forecasts which included layoffs from the financial sector, and government foreign-financed projects, among others.

“Unemployment will worsen due to the freeze on employment, debt restructuring, poor business climate, and massive austerity. Expected layoffs from the financial sector due to the impact of the debt restructuring and expected layoffs from government foreign-financed projects.,” he further wrote on Tuesday, January 3.

The full post is reproduced as follows:

1.This year, Ghana’s economy will record one of the worst non-oil GDP growths due to the impact of debt restructuring and a plethora of extremely tough fiscal and monetary policies.

2.The haircut on domestic bonds and Eurobond is expected to adversely impact the health of the banking sector, local businesses, and individuals! Also, Bilateral debt restructuring will lead to the government’s foreign-financed projects being abandoned.

3.Unemployment will worsen due to the freeze on employment, debt restructuring, poor business climate, and massive austerity.

4.Ghana will default in the payment of interest and principal on domestic bonds, Eurobonds, and most of our bilateral loans in 2023. These will be compounded by the ff:

5.Expected layoffs from the financial sector due to the impact of the debt restructuring and expected layoffs from gov’t foreign-financed projects.

6.The complete reversal of discount on import values on goods and vehicles coupled with the introduction of the 2.5 % INCREASE IN VAT and other taxes on businesses will keep prices of goods and services high, and, in some cases, higher than current prices!

6.Also, the government’s policy of automatic adjustment of electricity tariffs will exacerbate the high cost of living in 2023

7.Inflation is expected to be above 30% for the most part of 2023.

8.Government’s gold for oil policy will not make any major impact on the price of petroleum products.

9.The cedi will inevitably depreciate further, from Jan to June. before a possible IMF board approval in Q2, 2023.

Related Posts

Minority demands immediate suspension of Debt Exchange programme

Minority demands immediate suspension of Debt Exchange programme

January 17, 2023
1
Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

January 16, 2023
1
Source: topfmonline
Previous Post

Former Pope Benedict XVI dies at 95

Next Post

Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

Related Posts

Minority demands immediate suspension of Debt Exchange programme
News

Minority demands immediate suspension of Debt Exchange programme

January 17, 2023
1
Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister
News

Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

January 16, 2023
1
VRA issues disclaimer on fake recruitment
News

VRA issues disclaimer on fake recruitment

December 31, 2022
1
Police arrest 3 suspects in connection with Kasoa mobile money robbery
News

Police arrest 3 suspects in connection with Kasoa mobile money robbery

December 31, 2022
1
Petrol ‘likely’ to sell at single digit by Monday – Analysts
News

Petrol ‘likely’ to sell at single digit by Monday – Analysts

December 31, 2022
1
Police recover Meek Mill’s phone, arrest suspect
News

Police recover Meek Mill’s phone, arrest suspect

December 31, 2022
2
Next Post
Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget Afghanistan akufo addo Amazon Apiate explosion apple AT&T Bawumia speaks on the Economy Black Stars business covid COVID-19 COVID 19 Debt Exchange Programme E-Levy facebook finance Ghana Police Service Google Government health Intel iphone Ken Ofori Atta Mahama meta Microsoft momo NDC news Nvidia OMICRON Parliament police Russia security South Africa Taliban tech TESCON Tesla US UTAG vaccine Xinjiang

Recent Posts

  • Minority demands immediate suspension of Debt Exchange programme
  • NCA approves transfer of majority shares in Vodafone Ghana to Telecel
  • Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister
  • Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023
  • Former Pope Benedict XVI dies at 95

Recent Comments

No comments to show.

RECENT NEWS

  • Minority demands immediate suspension of Debt Exchange programme January 17, 2023
  • NCA approves transfer of majority shares in Vodafone Ghana to Telecel January 16, 2023
  • Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister January 16, 2023
  • Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023 January 16, 2023

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

FDA tasks pre-packed food dealers to be extra vigilant not to compromise safety
Health

FDA tasks pre-packed food dealers to be extra vigilant not to compromise safety

1 month ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2022 Top Media Group - Powered by BackUp Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2022 Top Media Group - Powered by BackUp Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In