Finance Minister, Ken Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has intimated that Ghana would be worse off if interventions by the opposition NDC were implemented to save the economy.

His comment was in response to a claim by the Ranking Member on Parliament’s Finance Committee, Dr. Cassiel Ato Forson that fiscal measures introduced by the government are “cosmetic and empty.”

In the wake of the economic crisis currently being experienced, government has rolled out a number of interventions to cushion the economy.

This includes a 15% reduction in fuel prices which is expected to take effect from April 1, 2022.

Shortly after the measures were announced, Dr Ato Forson took to Twitter to state that the measures “will further erode confidence in the economy.”

He further proposed three measures government can adopt to save the situation. According to him, government could “place a moratorium on new loans, cut 2022 foreign-financed projects by at least 50%, and deliver on the promise to review all flagship programs.”

But reacting to Mr Ato Forson’s suggestion, the Finance Minister said “if I had followed an NDC programmed economic transformation for this country, we would not be here.”

He, however, acknowledged that “it is the duty [of the NDC] to state their responses to us but I think we have all been partners in seeing how the economy run from 2017 to 2019 and it is very clear the impact of Covid-19 on this economy, yet still we have been able to see some growth within that period.  

“The issue therefore of investor confidence, is he (Ato Forson) going to take responsibility for his inability, maybe, or for his party not passing our revenue measures in the House?” he added.

He further blamed the crisis partly on the failure of the opposition NDC to support the government.

“The Minority’s failure to support government led to Ghana’s downgrade and its inability to go to the international market in the first quarter. We (government) went out with a 20 percent cut, so that we can shrink our expenses to make sure we still meet a 7.4 percent that we have promised.

He, thus, entreated Dr Ato Forson to stop the “negative words since such words do not help the spirit of the country.”