The Ranking Member on the Finance Committee in Parliament, Dr. Cassiel Ato Forson, has described Ghana’s economy as suffering from stagflation (Stagnant and Inflation).
According to him, the Ghanaian economy is in an intensive care unit with the ailment of “Stagflation with Acute Debt Overhang Syndrome (SADOSES)’.
“Stagflation is a situation in the economy where there is slow and real sector growth that is accompanied with high unemployment and rising inflation.” He said while contributing to the debate on the 2022 budget.
The Minister for Finance on Wednesday, November 17, 2021, presented the 2022 budget to Parliament announcing various plans and programs on how the government intends to shore up revenue and to enhance job creation in the 2022 fiscal year.
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While speaking in parliament on the debate on Tuesday, November 23, 2021, Dr. Ato Forson said the current economic crisis which has resulted in rising unemployment and rising inflation is quite alarming and needs to be addressed urgently.
On his part, the Member of Parliament for the Ofoase-Ayirebi constituency, Kojo Oppong Nkrumah outlining the reasons as to why parliament should approve the budget said the promise to handle the unemployment situation in the country will be addressed.
Source: Richard Osei Korankye/ATLFMNEWS
