Dr. Nii Moi Thompson writes: Ofori-Atta’s fiscal sermon and his doomsday GDP prophecy

He borrowed $2 billion in Eurobonds in 2018 alone, and by 2021 he had racked up $11 billion in Eurobonds over a four-year period, compared to the $4.5 billion issued by his predecessor in five years.

He accounts for over 74% of all Eurobonds since the first issue in 2007.

Oil revenue has shot up from GH¢218 million in 2016 to over GH¢6.4 billion in 2022, having fallen from GH¢2.2 billion in 2019 to GH¢1.9 billion in 2020 before making a rapid recovery in 2021.

And whilst Covid did stagger the economy and put a strain on government finances for most of 2020, it also became a financial bonanza for the government, which raised nearly GH¢28 billion (not the GH¢21.8 billion in the Auditor-General’s report) to fight the pandemic

(The report omitted the GH¢5.8 billion, or US$1 billion, that the IMF gave the government in 2021, in addition to the US$1 billion (GH¢5.6 billion) given in 2020)

Of the GH¢28 billion, nearly GH¢12 billion (about 43%) “was spent on Covid-related activities”, according to the report, with the remainder going to the nebulously named “budget support,” which could mean anything.

The positive impact on the economy – and the budget – of all that money is yet to be felt