Deputy Finance Minister John Kumah says the opposition National Democratic Congress (NDC) has no solution to challenges facing the Ghanaian economy.
According to him, despite the consistent ‘lamentation’ by the opposition party, they offer no fresh ideas for the resolution of the problems.
John Mahama has come on a complaining spree and he’s shown that he doesn’t have any master plan as far as economic growth is concerned. We know that he [John Mahama] is not coming with any new ideas. We have stayed on course and have shown competence in the management of this country. The NDC is not giving us any answers. All they’re doing is crying. They should tell us what new ideas they have
“We know the banking crisis he [ John Mahama] left behind and graduates couldn’t be employed. We have the answers and we’re working at it. John Mahama has shown that he doesn’t have any new ideas,” Mr Kumah told Francis Abban on the Morning Starr Tuesday.
The comments come on the back of the economic forum organized by the NDC on Monday. The forum addressed by former President John Mahama and former Finance Minister Seth Terkper criticised the handling of the economy under President Akufo-Addo.
Mr Mahama said the NPP government must accept that the mismanagement of the economy, and the desire to spend beyond the means of the government in order to win elections have plunged the country into the current crisis.
“Yes, COVID-19 affected the economy, and no one can dispute that. It is however not the main reason why we are in the current hole we find ourselves. COVID19 only became a pretext for reckless election-related spending, which produced the largest-ever budget deficit in the recent economic history of Ghana last year”.
Mr Mahama stressed: “Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes. This has led to rampant increments in the prices of goods and services.
“This is primarily responsible for the hardships Ghanaians are going through now. A comparison with our neighbours and peers in Sub-Saharan Africa, all of whom were also affected by COVID-19, shows they have been able to protect their citizens from COVID-19 in ways that are similar to ours. They have however avoided increasing their debts and deficits because of more prudent management of their economies.
This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure and the desire to spend beyond our means in order to win elections that have plunged us into the current crisis, not necessarily COVID-19. This has been the luckiest government under the fourth republic.”