A member of the Finance Committee in Parliament has laid the country’s current economic crisis solely on the doorsteps of President Nana Akufo-Addo.
John Jinapor said the crisis is due to the unprecedented and reckless borrowings by his government.
According to him, despite the global economic situation, there is nothing to show for the huge borrowings.
A situation he said has compounded the country’s economic situation.
“The [crisis] is a Nana Akufo-Addo problem. There is a problem and what we are witnessing now is unprecedented. Something must be wrong somewhere because of excessive borrowing. We are borrowing as if there is no tomorrow. Going forward, government must move away from reckless borrowing,” Mr Jinapor said in an interview with Citi TV on Monday.
The Yapei Kusawgu MP added that the government’s failure to invest in productive sectors is sinking the economy.
“Managing an economy is not only about today but the short, medium and long term. If you borrow and invest it in productive sectors, it spurs economic growth, creates jobs and generates more revenue and can deal with the headwinds,” the MP added.
Recent international ratings saw Ghana’s economy downgraded to reflect the country’s inability to fix its liquidity and debt challenges.
With limited access to the international financial market and challenges with domestic revenue mobilization to rescue the situation, Ghana has now turned to the International Monetary Fund for a US$ 3 billion bailout.
President Akufo-Addo addressed the nation on Sunday, October 30, about measures his government was taking to curtail the current economic crisis.
In his address, the President hinted at possibly securing a deal with the IMF by the end of the year.
According to him, the country is likely to arrive at an agreement by December to get the crucial bailout it seeks.
Amidst the general economic difficulties facing Ghanaians, the President in the address to the nation on Sunday insisted that the government is committed to ensuring that the economy is back on track.