Ghana’s economy could collapse like Greece’s – Nunoo-Mensah

Former National Security Advisor Brigadier-General (Rtd) Joseph Nunoo-Mensah has predicted doom for Ghana’s economy, saying the West African country is likely to end up like Greece.

Greece’s economy was on the brink of collapse after the capital controls imposed ahead of last 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.

“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,” the ex-soldier stated.

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

“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,” the former Chief of Defense Staff told host Kafui Dey on Starr 103.5FM.

Nunoo-Mensah added that Ghana’s economy could soon collapse if stringent measures are not put in place immediately.

“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,” he stated.

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