President Nana Akufo Addo and his Vice, Dr. Mahamudu Bawumia, are to be blamed for the poor performance of the Ghanaian economy over recent times; former Minister for Communications under the NDC government, Felix Kwakye Ofosu has said. According to him, the President and his economic management team have been sloppy, hence the mismanagement of the Ghanaian economy. He disclosed based on a report by the Finance Minister that the country risk being plunged into a recess if care is not taken.
Mr. Kwakye Ofusu in an interview on Ekosisen, argued that the Akufo Addo government has no excuse or reason to attribute the situation to the COVID-19 pandemic. He continued that, government has over the past three years had the best of support and opportunity to get the nation withstand these shocks.
“You’ve gotten all the support in this world,..that we couldn’t get. The IMF gave us an extended credit facility for three years, you were given upfront and yet you are growing at 0.09 percent, which I suspect will go into negative… a recession. Which will be the worse in almost 40 years. Your deficit would be higher than recent history. Your currency has crushed.
“Should they have managed things properly, COVID wouldn’t be a problem. They’ve had 300 billion cedis in revenue in just three years. That is almost 100 billion every year. Oil revenue amounts to almost 15 billion in the past three and half years. So if you’ve had all these monies and couldn’t manage it well and COVID comes..just for three weeks and things go bad, you don’t blame COVID.”
Mr. Kwakye Fosu stressed that other African countries who have not been spared by the pandemic are doing far better than Ghana. He concluded that the NDC were better managers of the economy as far as they were able to ‘inoculate’ the effects of the downward trend in the oil sector, power crisis, and among others.