Dr. Patrick Assuming – Adomonline.com https://www.adomonline.com Your comprehensive news portal Mon, 03 Mar 2025 15:42:45 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png Dr. Patrick Assuming – Adomonline.com https://www.adomonline.com 32 32 Some details from National Economic Dialogue shocking – Dr Asuming https://www.adomonline.com/some-details-from-national-economic-dialogue-shocking-dr-asuming/ Mon, 03 Mar 2025 15:30:55 +0000 https://www.adomonline.com/?p=2510588

Economist Dr. Patrick Asuming Describes National Economic Dialogue Revelations as “Surprising and Shocking”

Economist and Senior Lecturer at the Department of Finance, University of Ghana Business School, Dr. Patrick Asuming, has described some revelations from the ongoing National Economic Dialogue as “surprising and shocking.”

Speaking in an interview on Joy FM‘s Midday News on Monday, March 3, Dr. Asuming pointed out that one of the most startling revelations was the extent of the energy sector debt and the alarming rate at which it is projected to continue accumulating.

Additionally, he expressed concern over the financial distress of COCOBOD, noting that both the debt stock and its servicing costs were at levels he found “astonishing.”

He acknowledged that while the general economic challenges were anticipated, the depth of some issues had been striking.

“The economy is in a very difficult situation,” Dr. Asuming noted, adding that the session had largely confirmed the severe difficulties confronting the economy in both the short and long term.

“By and large, from my point of view, you mostly expected it. Some of the details are a little surprising and shocking, but in the main, it’s always been clear that the economy is in a very difficult situation,” he explained.

Dr. Asuming also referenced Finance Minister Dr. Cassiel Ato Forson’s presentation, saying that it had primarily set the stage for future breakout discussions that would focus on practical solutions.

Despite his concerns, Dr. Asuming stressed the importance of open and honest discussions during the dialogue, urging all participants to contribute meaningfully to the process.

“I think the discussion should be very honest, and people should be able to speak freely. The final report should capture the essence of these discussions,” he stated.

Dr. Asuming also underscored the necessity of government commitment to implementing the recommendations that emerge from the dialogue, emphasizing that without action, the dialogue would be pointless.

“If the discussions only end in a report without action, then there will be no point in having them,” he concluded.

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]]> Ghana stands ready to unlock second disbursement – Economist on IMF bailout https://www.adomonline.com/ghana-stands-ready-to-unlock-second-disbursement-economist-on-imf-bailout/ Tue, 05 Sep 2023 12:33:40 +0000 https://www.adomonline.com/?p=2290939 An Economist, Dr. Patrick Assuming is optimistic Ghana will be able to receive the second tranche of $600 million from the International Monetary Fund (IMF) after the review of the bailout programme later in September.

A visiting team from the Fund is expected to arrive in Ghana to assess the country’s eligibility for the second disbursement.

Ghana received the first tranche of $600 million on May 19 as part of the $3billion Extended Credit Facility secured from the Fund to restore macroeconomic stability.

Dr. Assuming believes Ghana has been able to make the resilient economic reforms to stand the chance of receiving the second tranche.

“Based on the indicators and the actions that have been taken so far, you expect that the IMF staff will recommend and then the Board will approve that the next tranche is paid. Some of the indicators have stabilized or marginally improved”, he said on Citi FM.

The government is also hopeful to receive the disbursement of the second tranche of $600 million when the team visits Ghana.

Although other financial analysts have emphasized the need for government to work to meet its structural benchmarks, Dr. Assuming believes, government is on course to unlock the next disbursement.

“If you look at the actions that the government must take for the upcoming review, the legal requirements such as changing the Bank of Ghana Act to curtail BoG lending to government and related matters and measures to rake in more revenue, you get the sense that government has done more than enough so my expectation is that when the IMF team comes on board they will probably find the progress made favorable enough to approve the next tranche,” he added.

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