Former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Alex Mould says President Akufo-Addo’s government has run out of ideas on how to run the economy.
According to Mr. Mould, government's inability to cutdown on expenditure is largely the reason for which Ghana’s economy is in its current state.
Government's borrowing has increased to over a hundred percent of GDP with the World Bank expressing fears that this situation could get worse by end of this year.
Speaking on Ghana’s ailing economy on The Pulse on Thursday, October 6, 2022, the former GNPC boss stated that, “the government is in a pickle and I think they have run out of ideas, and I think they really need help”.
When asked how an immediate solution could be fashioned out, Mr. Mould noted that, "they (government) should have cut their expenditure, especially on discretionary spending, their landmark policy programmes that do not add anything to our GDP, they should have looked at the sectors that we should have invested in (agriculture) so that we do not have the kind of inflation we are having now."
”Any government that does a haircut to individuals will stifle savings. If you stifle savings, people are not going to put their monies in banks and that’s going to have a ripple effect on the economy, because the banks are the intermediaries for loans to these companies that need working capital and if there are no funds, these companies are going to also fold up, there’s going to be job losses,” he cautioned.
Latest Stories
-
Two convicted for human trafficking
18 minutes -
3 alleged Indian gold smugglers remanded in custody
31 minutes -
Labourer remanded for theft of retired lecturer’s items
45 minutes -
Philippines condemns killing of veteran journalist
57 minutes -
Meghan uses ‘HRH’ title but denies breaking rules
1 hour -
We have to do something special in Paris – Arteta
1 hour -
Malta’s golden passport scheme breaks EU law, top court rules
2 hours -
Man accused of Kim Kardashian Paris robbery ‘regrets’ $10m heist
2 hours -
CJ suspension: An assembly of lawyers should know better – Srem Sai questions GBA’s legal reasoning
2 hours -
I’ll be sad if Mahama fails galamsey fight – Rev. Charles Owusu
2 hours -
‘Law is not democracy’ – Deputy AG says GBA resolution on CJ suspension as legally meaningless
3 hours -
Ghana can payback debts, says IMF
4 hours -
NPP supporter stabbed by alleged party vigilante over ‘Thank You Tour’ cash
4 hours -
Emmanuel Dzivenu: I went to Egypt, I returned with a mirror for Ghana
4 hours -
Canada will deal with Trump ‘on our terms’, Carney tells BBC
5 hours