Nunoo-Mensah predicts doom for Ghana’s economy

daniel russell

July 9, 2015 10:02 AM

The former Chief of Defense Staff has likened Ghana’s economic woes to a sick person who is yet to identify the sickness he or she suffers from.

Former National Security Advisor, Brigadier-General (Rtd) Joseph Nunoo-Mensah says Ghana’s economy could soon collapse like Greece’s if stringent measures are not put in place immediately.

Greece’s economy is on the verge of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with shortages of food and drugs while the tourist industry is facing a wave of cancellations, with banks left with little money to survive.Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank.

Nunoo-Mensah speaking on Morning Starr on Thursday, likened Ghana’s economic woes to a sick person who is yet to identify the sickness he or she suffers from.

"Greece has a lovely weather but the economy is in tatters, they make a lot of wine but apart from the vineyard almost everything that has to do with the wine is imported just like Ghana, so Ghana would go the way Greece has gone if we do not take care.

“We are in a crisis and we don’t want to admit that we are in a crisis... we are declining, it is like a sick person who doesn’t know what is wrong with him and unless we can diagnose what is wrong with us we can never find the cure.

“We know the problems but we don’t have the political will or the moral integrity to attack the problems... The problems are going to get more intimidating, so a time is going to come where we would be overwhelmed with the problems,” he said.

The former Chief of Defense Staff added: “Let’s look at Greece; they have been in the news for some time... our history runs parallel with that of Greece. Five years ago Greece entered the IMF programme and the medicine they are getting is bitter and bitter and bitter...when you look at Greece now, they look pathetic.”

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daniel russell