It bemoaned using words such as “broke” to describe the state of the economy as it only goes a long way to negatively dent the image of the country before the international community which had serious consequences on the country’s outlook.

The institute raised concerns over the country being broke as speculated mostly by politicians, saying citizens must be seen queuing to buy some basic commodities like fuel before such can be said.

Professor Peter Quartey, the Director of ISSER, observed that “if the economy of the country is indeed broke as being speculated mostly by politicians, Ghanaians must be seen queuing to buy some basic commodities like fuel however, any economy that is broke should not be able to pay salaries, wages, pay for its imports and should not be able to service its debts”.

Reacting to predictions made by Dr Cassiel Ato Forson, Ranking Member of the Finance Committee of Parliament, declaring the year 2022 as “economic misery” for Ghanaians, he conceded that the exchange rate may be between GH¢6.5 to GH¢7.00 to a dollar by end of last year, but was quick to add that it depended on how the government managed affairs of the economy.

He predicted that citizens must brace themselves for a 30 per cent price increase in general goods, the cedi would end the year at GH¢7.00 to a dollar, while fuel prices were expected to go up.

But Prof. Quartey, who is the Head of the Economics Department of the University of Ghana, questioned whether citizens had ever heard in the past couple of years that the government had not been able to service its debts and that the government was indeed facing challenges, but the economy could not be said to be broke.

He noted with concern fuel prices had never been under the control of the government, but largely dependent on whatever happened on the global market as a COVID-19 new variant; Omicron ravages.

“The government will have to borrow but under careful considerations because the debt to Gross Domestic Products ratio has exceeded 65 per cent does not stipulate that Ghana is broke and politicians must stop denigrating the country internationally,” Prof. Quartey cautioned.