Prof. Stephen Adei warned Ghanaians to expect further economic hardships in the years to come.

Professor Stephen Adei, a renowned economist, has advised Ghanaians to prepare for upcoming economic challenges in the upcoming years.

He emphasised that the recent setbacks and delays in the government’s efforts to restructure its debt are merely precursors to the impending economic challenges.

Speaking on Monday, April 15, at a news conference hosted by the Grand Coalition in Accra, the former Board Chair of GRA urged Ghana’s political and economic leaders to concentrate on putting into practice sensible and long-term policies that stabilise the country’s economy.

The truth is that the current economic crisis will persist for some time as the majority of the domestic debt exchange scheme has been postponed until 2027 or 2028.

“I hope to hear the campaigning of those who aspire to be heads of state, not just their lofty ideals, but also how they plan to carry us through to a point where we can achieve sustainable development.” Put another way, a three-phase plan for resolving the problem is what this country needs, according to a comment from Professor Adei that was posted on citinewsroom.com.

The second is creating what economists refer to as the preconditions of development, which will drive us forward after that, and it is followed by a long-term vision of the Ghana we want to be, at least by 2057, he explained.

Ghana went through one of its greatest economic downturns in December 2022 when it failed to make payments on the majority of its $30 billion in external debt.

Since then, the nation has been cut off from foreign capital markets and must now borrow money through the domestic treasury bill markets.

On April 13, 2024, Ghana—which is presently a part of the 17th IMF bailout program—and the IMF Mission team came to an agreement at the staff level about a second review, which will open the door for a third tranche of the $360 million bailout funds.

However, in order for the IMF Management and Executive Board to accept the next disbursement, Ghanaian authorities must reach an agreement with its commercial and bilateral creditors, according to IMF Mission Chief to Ghana Stephane Roudet, who spoke at a joint press conference held in Accra.