Ghana’s economy is in distress – MP

daniel russell

July 22, 2015 3:44 PM

Kwaku Kwarteng speaking on Citi FM’s Eyewitness News, downplayed the assertion that government’s economic policies are working.

MP for Obuasi West, Kwaku Kwarteng

The Member of Parliament for Obuasi West, Kwaku Kwarteng has indicated that the current state of the economy is the complete opposite of what Finance minister, Seth Terkper presented in Parliament on Tuesday.

Mr Tekper, while presenting the supplementary budget and the 2015 budget review to Parliament on Tuesday stated that the Mahama-led administration is committed to making the governing National Democratic Congress’s (NDC) transformation agenda for Ghana a reality.

He stated that some measures, including a boost in power supply, utilising petroleum resources to set up funds for infrastructure were being employed by government to ensure economic growth.

But Kwaku Kwarteng speaking on Citi FM’s , downplayed the assertion that government’s economic policies are working. He emphasized on the need for government to be truthful to the citizenry about the current state of the economy as well as taken pragmatic steps to revive it.

“First, our total debt as of May had escalated to 90 billion Ghana cedis. That was from May. If you look at the loans that we have approved and the borrowing from the domestic market government has done, we probably will be exceeding a hundred billion Ghana cedis that will be in excess of 70 percent of GDP,” he said.

Adding: “The rate at which the GDPs expand; at the beginning of the year government projected that it will do 3.9% but today the Minister said we are sorry but we don’t think we can do 3.9, we can only do 3.5% inflation.”

“We should be talking about why the country’s economy is worsening. Terkper said we have gone for more money to put into the economy. This is why we should be worried,” he noted.

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daniel russell