Renowned economist Professor John Gatsi has affirmed that Ghana is facing an economic crisis, aligning with President John Dramani Mahama’s recent assessment of the country’s financial situation.
Speaking on The Big Issues on Channel One TV, Prof. Gatsi addressed President Mahama’s State of the Nation Address (SONA) on February 27, 2025, in which the president described inheriting a nation in crisis from the previous administration.
Prof. Gatsi supported this view, citing Ghana’s failure to meet key financial benchmarks and its ongoing struggles in managing both domestic and external debt.
“Crisis should be conceptualized. It is not just an English word that is commonly available. You need to look at whether you are meeting the benchmark of financial indicators. If you are not meeting those benchmarks, and they prolong, and also it is difficult, then you are in a crisis. So, yes, we are in a crisis,” he stated.
He further noted that Ghana had recently undergone a period of debt repayment suspension, which he believes reinforces the country’s financial crisis.
“This is because our finances are not meeting the benchmark. We have gone through a period where we have not paid both domestic and external [debts]. We have just resumed repayment. Those are signs of a crisis,” he explained.
However, Prof. Gatsi clarified that despite the crisis, Ghana’s economy continues to generate revenue.
“But that does not mean the economy is not generating resources or tax revenue,” he said.
His remarks underscore concerns over Ghana’s economic struggles, emphasizing the need for urgent policy interventions to restore stability and ensure long-term financial sustainability