A member of the Finance Committee in Parliament has laid the country’s current economic crisis solely on the doorsteps of President Akufo-Addo.
John Jinapor said the woes is due 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”, John 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 that 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 (IMF) for a US$ 3 billion bailout.
However, 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.
Latest Stories
-
Appiatse reconstruction: Support Bawumia to do more for Ghana – Richard Ahiagbah to Ghanaians
9 mins -
I wanted Harry Kane at Man United – Ten Hag
10 mins -
Ayorkumi: Stage play on slave trade premieres on May 11
11 mins -
Majority defends GRA-SML deal, insists no wrong was done
19 mins -
Church Of Pentecost disburses educational sponsorships worth ¢14,281,540 million
19 mins -
Money Summit: Fidelity Bank’s Atta Gyan calls for a rethink on investment strategies
34 mins -
WPL 2023/24: Battle for glory as Northern and Southern zone clubs chase playoff spots
42 mins -
Ghana’s Press Freedom Index improvement nothing to write home about – Sam George
49 mins -
Ghana Wellness and Healthcare Awards slated for June 14
53 mins -
OSP begins investigation into alleged bribery of EC staff by Kwadaso MP
58 mins -
Ghana FA laud Coach Zito with standing ovation after Dreams FC’s exploit in Africa
60 mins -
Asantehene worried over brain drain in African contemporary arts
1 hour -
Hearts of Oak legend berates current players for poor form
1 hour -
Unless EC has rules against officials receiving lunch money, nothing can be done in ‘envelope scandal’ – Prof Agyeman Duah
1 hour -
Singer Ayra Starr releases artwork, track list for ‘Sophomore Album’
2 hours