Former Finance Minister, Seth Terpker has expressed doubts about the effectiveness of government’s measures to cushion Ghanaians amid the current economic challenges.

Mr. Terkper said the measures are not broad enough to curtail the current economic crisis.

Speaking on JoyNews' Upfront on Thursday, he explained that, already government has a revenue shortfall of about GH₵3billion and the measures instituted do not indicate how the government would raise additional revenue of about GH₵30billion.

This, he said would lead to an increase in the deficit and may cause government to borrow since there wouldn’t be any money to finance government’s expenditure.

“I don’t see it as a measure that would make any substantive difference. Of course, it may limit borrowing which is good but it is no structural measure to take us out of where we are,” he said.

The Finance Minister, Ken Ofori-Atta addressing Ghanaians on Thursday, announced a number of measures by the government including a 50% cut in fuel coupon allocations for all political appointees and heads of government institutions, including SOEs, a 15% reduction in fuel prices and a 30% cut in salaries for all Cabinet Ministers and heads of State-Owned Enterprises, amongst others to cushion Ghanaians.

But Mr. Terkper said, “the measures that have been announced, if you take them one by one, are either things that could not be financed by the government anyway…they are not going to make any much difference to the deficit and borrowing and to the debt situation but hopefully we will see some concrete numbers,” he added.

Also, Ranking Member on Parliament’s Finance Committee, Cassiel Ato Forson, has said the new fiscal measures announced by the government lack substance and will not yield any significant result in the economic recovery process.

He contended that the various interventions outlined to enhance the economy’s growth may end up exacerbating the current economic woes bedeviling the country.

In a tweet to react to the Finance Minister’s address on mitigating the harsh economic conditions in the country, Mr Ato Forson said “the fiscal measures announced today are just cosmetic and empty; they will further erode confidence in the economy.”

The former Deputy Finance Minister suggested that “government should place a moratorium on new loans, cut 2022 foreign financed projects by at least 50% and deliver on promise to review all flagship programmes.”