The recent "turning the corner" remark made by the finance minister, Ken Ofori-Atta, at the 2023 mid-year budget review in parliament, according to deputy finance minister Dr. John Ampontuah Kumah, has drawn criticism.

He asserts that the phrase does not imply that the nation's economic problems have been fully handled but rather that it has made some progress and can now clearly see a road to recovery.

“Let me start with the meaning of turning the corner and how it’s being interpreted. Clearly, the Minister for Finance spoke with all humility and he understands the challenging current global and domestic financial situation we find ourselves in.

“So our choice of the phrase ‘turning the corner’ should not in any way be interpreted as we are out of the woods so we have seen full recovery but as we can understand from the metaphor, when you’re driving and you turn the corner, it means you see a way clearer. It means that your path is rather now straight to a better destination.

“So let us not misinterpret the phrase when we say we have turned the corner,” he said on JoyNews’ Newsfile on Saturday.

He clarified that the minister's use of the phrase was accurate because all the facts he presented during the budget review showed that the nation has, in fact, "turned the corner."

This, he continued, is further considered as evidence that the administration has already complied with some IMF recommendations.

"Some finance experts have taken on the Finance Minister over his 'turning the corner' comment regarding the economy.

“This 'turning the corner' is underpinned by the investments and sacrifices we have collectively made during this difficult period since March 2020,” said the Minister.

“Mr. Speaker, we have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth Republic. Our plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing,” he said.

However, according to Finance Lecturer Professor Godfred Bokpin, the government's attitude of not carrying out fundamental duties is stunting the nation's economic progress.

According to him, this is because the government has stopped paying interest on its external debt and is not in good standing when it comes to paying contractors, such as Independent Power Producers (IPP), who have accumulated arrears.

He claims that the government has not upheld its duties to significant economic interests.

“The economy is not in full gear because we’re not honouring important obligations. They have suspended debt servicing on our external debt, we are not in optimal position with all payments to arrears to contractors, independent power producers, important stakeholders within the economy,” he said

“So if you see some stability and you interpret it that to mean you have turned the corner, you may be surprised if pressures from all these begin to mount then you’ll see that the stability you’re talking about is actually not durable,” Prof Bokpin added.