Former Finance Minister and Executive Director PFM-tax Africa Network has questioned the competency of the Akufo-Addo government.
Speaking on JoyNews’ NewsFile on Saturday, Seth Terkper said any government that fails to anticipate a crisis cannot manage an economy.
“This is a government that attributed all those difficulties to nonperformance. Incompetence. And so if you do not anticipate crisis, you can never run a government for four years without crisis.
“If you do not anticipate crisis, you will dismantle Stabilisation Fund, you will dismantle Sinking Fund, you will dismantle all those structures that we’re putting in place. And that is why we are where we are today.”
He acknowledged the fact that problems did exist before the onset of the Covid-19 pandemic in 2019.
Citing some of these problems, he said “We had a disruption in gas supply from Nigeria for almost 3 years. We gave it one word, Dumsor. And it was critical. We had the continuing effects of the global financial crisis which started in 2008. And therefore, the full effect of the global financial crisis; 2007 and 2008. It means the full effect was in 2009.
“We had 2014, 2015, the collapse of crude oil prices. Crude oil prices hit $115 per barrel. $112, $115 per barrel in 2011 and 2012. What did we do with one oil field? That was the win for that we used to sinking fund, the stabilisation fund. $370 million of which is being used today and was called upon for Covid-19.”
Meanwhile, the Finance Minister, Ken Ofori-Atta addressing Ghanaians on Thursday, March 24 announced a number of measures by the government including a 50 per cent cut in fuel coupon allocations for all political appointees and heads of government institutions, including SOEs, a 15 per cent reduction in fuel prices and a 30 per cent cut in salaries for all Cabinet Ministers and heads of State-Owned Enterprises, amongst others to cushion Ghanaians.
Addressing concerns about the country’s economic status, and measures the Finance Minister has put in place to mitigate the situation, Mr Terkper bemoaned that these measures are not enough to curtail the current economic crisis.
“We have three oil fields. The excuses are just too much. We were able to achieve that with one oil field. What did we do with three oil fields before Covid-19?”
- “We shall also be blessed with Ghana Miracle” – Finance Minister speaks on economy recovery
- Disregard statement declaring Friday, Sept 30 as a holiday – Oyibi Divisional Council
- GFA suspends 2022/23 Ghana Premier League over court injunction
- ‘Impugning the motives of Judges is actually undermining integrity of Judiciary’ – Judges and Magistrates Association
- UTAG, 3 other university labour unions threaten to go on strike on October 5
- GFA suspends AshantiGold SC for dealing with banned club president and son
- GTA boss names agency in copyright feud with Kirani Ayat, reveals how footage was obtained
- Ghana will transition from fossil fuel to renewable energy by 2070 – Bawumia
- Step aside, find out if agency obtained right to use Ayat’s content – Copyright Attorney tells GTA, Tourism Ministry
- T Bills, short-term securities will not be affected by Ghana’s debt restructuring – US-based Associate Professor
- Pastor jailed for life after planning coup and black genocide
- Ghana’s ‘Borga’, ‘Road to My Father’s Compound’ lead race for AMAA 2022 gold
- Emmanuel Agyemang Badu invited for CHAN draw
- R. Kelly to pay $300,000 to victim in sex crimes
- International Day of Awareness of Food Loss and Waste 2022 – “Stop food waste for the people and the planet”
- QLAC MD is new President of Association of Insurers and Reinsurers
- 11 takeaways from GFA decision to suspend ongoing Premier League season
- We will still be a prime supplier of Mercedes-Benz services in Ghana – Silver Star
- Ghana to transition from fossil to renewable energy by 2070 – Bawumia
- Cedi registers unprecedented weekly decline in trading as dollar demand surges
- EJF releases film on net free seas project
- Full text: Ursula Owusu-Ekuful’s speech at 2022 ITU conference
- CBG commissions ultra-modern SME centre at Kokomlemle, relocates Trade Fair branch to Ultimate Height Building in La
- Ghana reaffirms commitment to strategic direction set by ITU to ensure universal connectivity
- Fuse ODG also cites GTA for unauthorised use of his content